Korea National Oil Corp. the state-run oil developer, said Sunday it has sold 29 percent of its 80 percent stake in a Gulf of Mexico oil field to a domestic consortium for $308 million.

The sale came six months after KNOC selected the consortium of Korea Investment Management Co., Samsung Securities Co. and Daewoo Securities Co. as the preferred bidder for the stake in the Ankor field.

KNOC purchased the 80 percent interest in 2008. The state oil developer was entitled to receive 4.47 million barrels as of last year.

Last last month, the consortium launched an oil investment fund to raise the money to take over the stake from KNOC.

The proceeds from the stake sale will be used to purchase new production assets, KNOC said, adding it will also help boost the company’s financial profile. 

(Yonhap News)