NOC Libya to Cut Shares From KNOC

03-10-2008

Libya has asked Korean investors to reduce their shares in the development of oil fields in the country, as part of the campaign in the oil-producing country to protect its natural resources.

Libya's National Oil Corporation, NOC recently demanded that Italy's ENI and a Korean consortium cut their shares in the development of the Elephant field in the middle of the Sahara.

The oil field has been producing since 2004, in the capacity of 138,000 barrels a day. The consortium comprising KNOC and SK Energy has an 11.67 percent share, dropping to 7 percent if it accepts the Libyan demand. A Korean official said accepting the Libyan demand was inevitable.