State-run Korea National Oil Corp., or KNOC, signed a final contract with Uzbekneftegaz to explore two oil and gas blocks in Uzbekistan, said KNOC and the energy ministry Monday.
KNOC, which will form a consortium with private companies, will explore the Namangan-Tergachi and Chust-Pap blocks which are estimated to have 467 billion cubic feet of natural gas or 67 million barrels of crude oil, said KNOC in a statement.
The exploration project will last for five years.
If exploration is successful, KNOC plans to begin production at the blocks from 2011, it said.