KNOC sells Ankor stake Interesting they are selling to use proceeds for purchasing new production assets.
KNOC sells Ankor stake
Korea National Oil Corporation has sold a 29% stake in the Ankor field, located in the Gulf of Mexico, to a Korean-owned consortium for $308 million.
Andrew Hobbs and News Wires 06 February 2012 07:23 GMT
KNOC had announced its plans to sell the stake in August last year to the group, comprising Korea Investment Management, Samsung Securities and Daewoo Securities, Korean newswire Yonhap reported.
KNOC purchased its 80% interest in the Ankor field from US-based Taylor Energy in 2008, with the state-run company entitled to receive 4.47 million barrels as of last year.
Dow Jones Newswires put the value of the 2008 sale at about $1.15 billion
KNOC said proceeds from the stake sale would be used to purchase new production assets and boost the company’s financial profile.