Korea National Oil Corporation (KNOC), the national oil and gas company of South Korea, is reportedly seeking to divest stakes in a number of oil and gas fields in the UK, Dutch and Danish North Sea.
The move is a part of KNOC’s efforts to divest parts or all of its North Sea subsidiary Dana Petroleum to reduce its debt, Reuters reported citing sales documents.
Earlier this month, Dana Petroleum announced plans to sell a 10% stake in the Greater Tolmount Area, as well as its entire operations in the Netherlands and Denmark.
The news agency reported that the sale forms part of the company’s ‘strategic review’.
As per the estimates, the Greater Tolmount Area contains up to one trillion cubic feet (tcf) of gas, with the main field (Tolmount Main) holding about 540 billion cubic feet (bcf) and the Tolmount East and Tolmount Far East fields containing a further 220bcf and 150bcf of gas resource respectively.
Dana owns a 50% stake in the Tolmount field, which is operated by Premier Oil. The field is due to commence production this year.
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By 2025, the assets’ oil and gas production is expected to increase to 20,000 barrels of oil equivalent per day (boed), if near-term drilling projects are considered, according to Reuters.
Dana Petroleum has appointed Dutch bank ING to run the sale process.
KNOC acquired Dana Petroleum, which has operations across the North Sea, the Netherlands, and Egypt, in 2010 in a deal worth $2.9bn, including debt.
Last year, Heerema’s Sleipnir has installed the Tolmount platform in the Southern North Sea.