RE: OH ,,,,,KNOC just
not to a Korean group, it was the KNOC that sold the 29% stake, to free up cash for OTHER OIL ASSETS........?Ithaca?
Korea National Oil Corp., or KNOC, said Sunday it has sold a 29% stake in the U.S. Ankor oil field to a consortium of local companies for $308 million, and will use the proceeds to invest in new oil assets.
A consortium of three financial companies -- Korea Investment Management Co., SamsungSecurities Co. (016360.SE), Daewoo Securities Co. (006800.SE) -- bought the stake for creating a fund that invests in oil assets, the state-run oil developer said in a statement.
KNOC's announcement comes several months after the company said in June that it will auction the stake to South Korean bidders. In 2008, KNOC had purchased a 80% stake in the Ankor block from U.S. company Taylor Energy Co. for about $1.15 billion.
The sales of the oil field stake to local firms is in line with a plan by the government to nearly double the country's oil and gas self-sufficiency ratio within this year. South Korea, Asia's fourth largest economy, is almost wholly dependent on overseas producers for its energy needs.
KNOC said in December that it plans to invest about $4 billion in 2012 in foreign oil and gas assets in a bid to meet its target of increasing daily output to 300,000 barrels.
Read more:
https://www.foxbusiness.com/news/2012/02/05/knoc-sells-2-stake-in-us-ankor-oil-field-to-local-companies-for-308-million/#ixzz1lVdbDs3d