The Korea Herald

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지나쌤

KNOC to unload North Sea assets: reports

By Kim Byung-wook

Published : Jan. 29, 2021 - 17:58

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The Korea National Oil Corp. headquarters (KNOC) The Korea National Oil Corp. headquarters (KNOC)

State-run Korea National Oil Corp. is seeking to sell off its stakes in oil and gas fields in the British, Dutch and Danish North Sea, according to foreign media reports.

The KNOC, whose debt ratio stood at 3,415.5 percent in 2019, is attempting to dispose of parts or all of its North Sea subsidiary Dana Petroleum to secure liquidity.

Dana Petroleum is a British oil company acquired 100 percent by the KNOC. Dana Petroleum in January launched a process to sell a 10 percent stake in the Greater Tolmount Area and its entire operations in the Netherlands and Denmark. Dutch bank ING was reportedly appointed to run the process.

The KNOC neither confirmed or denied the reports regarding the liquidation.

By Kim Byung-wook (kbw@heraldcorp.com)