BP-STATOIL TO STUDY CASPIAN OIL PROJECT; S. KOREA EYES YAKUT GAS

A combine of British Petroleum Co. plc and Den norske stats oljeselskap AS has agreed to pay $40 million for exclusive rights to study development of a Caspian Sea oil field off Azerbaijan and explore a nearby prospect. Meanwhile, the South Korean press said South Korea and Russia have agreed to form a joint venture to develop undisclosed gas fields in the Yakut Autonomous Republic of eastern Siberia and lay gas pipelines from Yakut to the Korean peninsula.

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