The oil block exploration project was established during Uzbek President Karimov’s visit to Korea in February this year, under a joint investment structure held by KNOC (65%), POSCO (20%) and Samchully (15%).

The blocks are located offshore in the Northeastern region of Uzbekistan, with total area covering 6,170 km2, approximately 10 times the area of Seoul. Potential reserves buried in the area are expected to reach 8,400 million barrels.

The first phase exploration will span a period of three years, followed by a geophysical exploration and geological assessment in 2011. An exploration drill will be conducted in 2012 to confirm gas/oil reserves.