S. Korean company spends $29M to acquire Calif. oilfield share

South Korea's Hanwha struck a deal to purchase a 50% interest in the Lynch Canyon oilfield in California for $29 million. The field is generating 500 barrels a day of oil and is capable of producing more than 2,900 barrels a day after development, the company said. The block's oil reserves are 10.4 million barrels.

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