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S. KOREAN COMPANIES BUY STAKES IN GULF OF MEXICO GAS FIELD.
SEOUL, Oct. 2 Asia Pulse - South Korean companies bought stakes in an offshore gas development project in the Gulf of Mexico that allowed them to gain access to the North American market, South Korea's Commerce Ministry said Sunday.
According to the Ministry of Commerce, Industry and Energy, the contract signed with Australia's Santos Corp. last week gave South Korean companies 25-35 per cent stakes in four gas projects off the Texas coast.
State-run Korea National Oil Corp. and Samsung Corporation hold 35 per cent of the Cougar II field, while controlling 25 per cent of the Cougar I, Jaguar and Sabaco projects.
The deals outline detailed examination of prospective gas deposit sites this year and drilling in 2007.
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Source: HighBeam Research, S. KOREAN COMPANIES BUY STAKES IN GULF OF MEXICO GAS FIELD.