Gettnig to work: in Yemen
South Korean Yemen stakes up for grabs
A South Korean consortium is offering to sell stakes in its oilfields in Yemen, estimated to hold 36 million barrels of crude reserves, according to reports.
Reuters quoted online news outlet MoneyToday cited unnamed industry sources as saying that state-run Korea National Oil Corporation (KNOC), Hyundai Heavy Industries and Hanwha, a chemicals-to-brokerage group, were offering 47.5% of their stake in the fields.
Hyundai invested 31.1 billion won ($24.10 million) in the fields, while Hanwha invested 10.3 billion won at the time of signing a joint operating agreement with Yemen in 2007.
Market players estimated the stakes would have a value of around $50 million, the report said.
But KNOC said it had not made any decision regarding the four fields in Yemen, although it was looking into reorganising its asset portfolio