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Korea National Oil Corp. (KNOC) has finalised a deal to divest the Dutch assets of Dana Petroleum to private firm Waldorf Production, according to Reuters.

North Sea oil and gas producer Dana Petroleum is a wholly-owned subsidiary of the South Korean state-run oil and gas company KNOC.

A potential sale could be valued at less than $1bn, undisclosed sources told the publication.

KNOC has been looking to dispose of some or all its oil and gas assets in the North Sea to reduce its debt levels.

Dana Petroleum has assets in the Northern and Southern British North Sea, including a 50% stake in the 45,000 barrel of oil equivalent per day (boepd) Tolmount gas field.

The firm also owns assets in the Netherlands and Egypt. In 2020, the company reported production rates of approximately 47,000boepd and revenues of nearly $547m.

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In a separate deal, Waldorf has signed an agreement with Abu Dhabi’s Taqa wholly-owned subsidiary TAQA Energy BV to purchase a 100% stake in the latter’s upstream oil and gas business in the Netherlands.

The transaction is subject to regulatory and other third-party approvals.

Earlier this year, Waldorf Production agreed to acquire Alpha Petroleum Resources from a wholly owned subsidiary of Shorelight Partners.

Alpha Petroleum owns a 100% stake in the Cheviot field, as well as stakes in three late life/redevelopment fields in the Southern Gas basin.