KNOC offloads oil field stake to consortium

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KNOC offloads oil field stake to consortium

The Korea National Oil Corporation (KNOC), the state-run oil developer, said yesterday it has sold 29 percent of its 80 percent stake in a Gulf of Mexico oil field to a domestic consortium for $308 million.

The sale came six months after KNOC selected the consortium of Korea Investment Management, Samsung Securities and Daewoo Securities as the preferred bidder for the stake in the Ankor field.

KNOC purchased the 80 percent interest in 2008. The state oil developer was entitled to receive 4.47 million barrels as of last year.

Last last month, the consortium launched an oil investment fund to raise the money to take over the stake from KNOC.

The proceeds from the sale will be used to purchase new production assets, KNOC said.

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