KNOC scales back North Sea sale process: sources [Reuters]
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Source: Reuters
KNOC scales back North Sea sale process: sources - Reuters 2 Min Read LONDON (Reuters) - State-run Korea National Oil Corp (KNOC) has scaled back efforts to pull out of the British North Sea, focusing on the sale of its stake in the Tolmount gas project, three industry sources said. Heavily indebted KNOC earlier this year tried to sell a 49% stake in its North Sea subsidiary Dana Petroleum but could not find a suitable buyer, the sources said. In March, KNOC said it was targeting a reduction in its debt-to-equity ratio to 1,200% in 2019 and 500% in 2020. KNOC is now looking to sell its 50% stake in Tolmount, which is operated by Premier Oil ( PMO.L ), the sources said. Premier estimates the Greater Tolmount Area to contain around 1 trillion cubic feet of gas. Dana has said its share would produce around 28,000 barrels of oil equivalent a day at peak production. Earlier this month, Premier announced that its drilling in the Tolmount East section, targeting a further 220 billion cubic
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