A joint oil exploration project involving South Korea's state-run oil company in Iraq has made another significant oil discovery in the Middle Eastern country, the company said Sunday.

The discovery was made at the Hawler minefield in Iraq's northern Kurdish region, according to the Korea National Oil Corp.

The Banan drill hole is the fourth exploration hole in the Hawler minefield, and it has successfully produced 4,320 barrels of light crude oil per day in a drill stem test that began in January, the company said.

The first oil extraction from the Hawler minefield was in March last year after the KNOC and Switzerland's Oryx Petroleum jointly discovered some 600 million barrels of oil in estimated reserve. The second discovery was made in October, and the third in November.

The KNOC has a 15-percent stake in the exploration minefield with Oryx Petroleum owning a 65-percent stake. The remaining 20-percent stake is controlled by Iraq's Kurdistan Regional Government.

Along with the Hawler project, the KNOC is also taking part in exploration projects in the Bazian and Sangaw South mines, both in the Kurdish region.

The Kurdish region is believed to hold nearly 450 million barrels of oil, about 30 percent of Iraq's total oil reserves and enough to supply South Korea's total consumption for 50 years. (Yonhap)