* Subsidiary wants to sell stake in UK North Sea field
* Also seeks to exit Dutch and Danish North Sea
By Ron Bousso
LONDON, Jan 28 (Reuters) - State-run Korea National Oil Corp
(KNOC) has launched the sale of stakes in a number of oil and
gas fields in the British, Dutch and Danish North Sea, according
to a document seen by Reuters.
This is the latest attempt by KNOC to dispose of parts or
all of its North Sea subsidiary Dana Petroleum in an effort to
reduce its elevated debt levels. It is also part of a broader
retreat by major oil companies from the ageing basin in recent
years.
Dana Petroleum launched in January a process to sell a 10%
stake in the Greater Tolmount Area and its entire operations in
the Netherlands and Denmark, the sales document said.
The sale was part of a "strategic review," it said.
Oil and gas production from these assets is expected to rise
to 20,000 boed by 2025 when taking into account near-term
drilling projects, according to the document.
Dutch bank ING was appointed to run the process.
KNOC did not respond to a request for comment on Thursday.
ING was not available to comment.
KNOC tried in late 2019 to sell its entire 50% stake in
Tolmount, which is operated by Premier Oil, which was
taken over by rival North Sea operator Chrysaor. The Tolmount
field is expected to start production this year.
KNOC bought Aberdeen-based Dana, an exploration and
production company with operations across the North Sea, the
Netherlands and Egypt, in 2010 for $2.9 billion, including debt.
(Reporting by Ron Bousso, additional reporting by Jack Kim and
Joori Roh in Seoul; editing by Emelia Sithole-Matarise)
