Korea National Oil Corp logo at the company's headquarters in Anyang, southwest of Seoul on Sept. 8, 2010.State-run Korea National Oil Corp. has hired Canada’s Scotia Bank to help find a financial partner for a 30 per cent stake in its British subsidiary Dana Petroleum, two banking sources said.
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 the company’s bondholders. Private equity-backed investors have entered the British oil and gas sector over the past five years, when major oil and gas companies were forced to sell assets, under pressure from a fall in oil prices to near 14-year lows of $26 a barrel in 2016.
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