Hanwha buys stake in U.S. oil field

SEOUL, July 16 (Yonhap) -- Hanwha Corp., a South Korean trading company, said
Thursday it has signed a contract to purchase a stake in an oil field in the U.S.
state of Texas.
Hanwha said in a statement it spent US$30 million to buy the stake from
Texas-based company O'Ryan Oil & Gas.
The oil field currently produces 1,100 barrels of crude oil per day, but the
daily output is likely to rise to 3,000 barrels, Hanwha said.
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