Receive our newsletter – data, insights and analysis delivered to you
  1. News
January 29, 2021updated 26 Oct 2021 1:08pm

South Korea’s KNOC seeks to divest stakes in North Sea oil and gas fields

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.

By Umesh Ellichipuram

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.

Content from our partners
Green investment: What gives Scotland multiple advantages
How the North of Tyne region is leveraging its legacy to define its future
Q&A with Chevron Lubricants’ Paul Sly, global industrial OEM specialist, and Nathan Knotts, global brand technical manager

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.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU