Oil Field Stake Sold To South Korean Company

December 17, 2010

South Korea’s state-run Korea National Oil Corporation (KNOC) and STX Energy have agreed to purchase a 46.8% stake in an Escambia County, Ala., oil field for $55 million from Renaissance Petroleum.

The agreement will also give operation rights to KNOC’s U.S. affiliate Ankor E&P and STX Energry. The field, which currently produces 500 barrels a day has an estimated reserve of 12 million barrels. Production began in March.

US-based Renaissance Petroleum will retain the remaining share in the field. The deal is expected to be finalized on December 28.

The South Korean companies plan to boost production ten-fold to 5,000 barrels a day, increasing 15-year revenue to an estimated $130 million.

Comments

5 Responses to “Oil Field Stake Sold To South Korean Company”

  1. harley1 on December 20th, 2010 8:05 am

    if , any of you think china is running low on cash, then that would truly make you the stupidest neighbors i have ever had. duh! on a more serious note i think it is a crime and a shame that foriegn companies can just waltz into this country and buy whatever they want to.

  2. David Huie Green on December 18th, 2010 12:58 pm

    Mexico’s always low on money, China’s busy buying our debt so we can continue to get deeper into debt. They could start buying up our businesses but are likely afraid they will go under and the money will have been wasted. If they buy debt, the federal government is obligated to pay it back someday, some way.

    It will be interesting when that day comes.

  3. Dave on December 17th, 2010 2:50 pm

    Mexico and China must be running low on cash for South Korea to step in and buy one of our enegry resourses.

  4. David Huie Green on December 17th, 2010 7:30 am

    yes, if we didn’t use any petroleum products, we would produce less pollution as we sat stranded in the dark

  5. Just My 2 Cents on December 17th, 2010 4:59 am

    ……..more pollution…….

Written by William Reynolds · Filed Under News