South Korea's state-run oil company said Thursday that its British subsidiary
bought stakes in an offshore field in the North Sea.
The Korea
National Oil Corp. (KNOC) said Dana Petroleum acquired a 28.3 percent stake in
the Bittern offshore field from a U.S. firm.
It said the latest
acquisition by Dana raised its holding in the oil field to 33 percent, which
will boost the amount of crude oil that the South Korean company controls per
day by 5,500 barrels.
The company that was taken over by the South
Korea oil company in 2010 already held 4.7 percent stake in the
company.
In addition, KNOC is moving to acquire managerial rights to
the floating production, storage and offloading ship that is key part of the
field's production facility.
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