KNOC eyes $2-3 bn oil asset acquisitions by 2012

KNOC eyes $2-3 bn oil asset acquisitions by 2012

Seoul: State-run Korea National Oil Corp (KNOC) plans to spend between $2 billion and $3 billion to add 100,000 barrels per day (bpd) by 2012 and is currently looking at 5-6 oil assets, its top executive said on Friday.

KNOC, which completed $2.6 billion acquisition of British-based Dana Petroleum in September in its biggest and first hostile takeover, said it was not looking at Premier Oil and its future acquisition will focus on assets, rather than corporate deals.

“There’s no shortage of investment target and we are getting some 20 to 30 acquisition proposals from investment banks every mnth," Kim Seong-hoon, senior executive vice president, told Reuters in an interview.

“We’ve narrowed them down to 5 to 6 and we are focusing on assets with high upside potentials and little investment risk," said Kim, who is also serving as board chairman of Dana.

Kim, who spent almost 30-year with KNOC, said it is on target to achieve 3,00,000 bpd by 2012 and plans to boost the target to 5,00,000 bpd by 2018 and more than triple to 1 million bpd by 2030.