ID :
183604
Sun, 05/22/2011 - 13:57
Auther :
Shortlink :
https://oananews.org//node/183604
The shortlink copeid
LG International buys 10 pct stake in Chilean oil field
SEOUL, May 22 (Yonhap) -- LG International Corp. said Sunday that it has bought a 10 percent stake in Chile's southern Fell oil field from a Bermuda-based energy resource developer for US$70 million.
The company said the stakes were bought from GeoPark Holding Ltd. and allow it to gain a crucial foothold on the South American continent.
"The contract marks the first time that any South Korean company has secured rights to an operational oil field in Chile," a company source said. He added that the move increased the number of oil production fields the South Korean company controls or has stakes in from seven to 10.
Beside the Fell field that is currently producing 7,000 barrels of crude per day, the deal permitted LG to gain access to the Tranquilo and Otway fields that are being explored for oil and gas reserves.
yonngong@yna.co.kr
The company said the stakes were bought from GeoPark Holding Ltd. and allow it to gain a crucial foothold on the South American continent.
"The contract marks the first time that any South Korean company has secured rights to an operational oil field in Chile," a company source said. He added that the move increased the number of oil production fields the South Korean company controls or has stakes in from seven to 10.
Beside the Fell field that is currently producing 7,000 barrels of crude per day, the deal permitted LG to gain access to the Tranquilo and Otway fields that are being explored for oil and gas reserves.
yonngong@yna.co.kr
