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Korean investment.

When Stewart Petroleum Co. of Anchorage began drilling an exploratory well on the west side of Cook Inlet, its principal investor was the Ssangyong Oil Refining Co. of Seoul, one of the three largest oil refiners in South Korea. Both companies say the arrangement marks the first time a Korean firm has made a joint-venture investment in an Alaska oil and gas exploration project.

The well, located 66 miles southwest of Anchorage in the West McArthur River area, is being drilled from an onshore location on West Foreland to an offshore target at a depth of 14,500 feet. Actual drilling started in June. Field operations are being supervised by ENSR Consulting & Engineering Co. of Anchorage.

William Stewart, president of Stewart Petroleum, founded the independent oil company in 1984 and has been active in oil exploration in Cook Inlet in recent years.
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Title Annotation:Oil and Gas; Ssangyong Oil Refining Co.
Publication:Alaska Business Monthly
Article Type:Brief Article
Date:Nov 1, 1991
Words:142
Previous Article:Proposed Port.
Next Article:Changing profile.
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