KNOC looking to sell part of Dana Petroleum, report says

Dana Petroleum news
Dana Petroleum

Korea National Oil Company (KNOC) is trying to sell 30% of North Sea subsidiary Dana Petroleum, a news report said.

Ten investment banks have offered to handle the divestment for KNOC, according to Seoul-based business news service The Investor.

The 30% stake in Aberdeen-headquartered Dana is considered to be worth more than £410 million.

A spokesman for Dana declined to comment.

KNOC acquired Dana in a hostile takeover in 2010 but is understood to be willing to offload a stake to help reduce debts.

Dana operates Western Isles, which started production in the UK North Sea in 2017.

It is also a partner in the southern North Sea Tolmount gas project, sanctioned in August 2018.

Earlier this month, the company’s chief executive Roy Elliot retired after more than four years at the helm.