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KNOC's British Subsidiary Buys Stake in Offshore Oil Field
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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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Source: Yonhap News (Feb. 23, 2012)

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