S. Korea’s offshore field attracts investors

South Korea is conducting an investor roadshow after global oil majors showed interest in an offshore field that has sparked both excitement and scepticism in the nation.

Korea National Oil Corp. (KNOC) launched the roadshow and plans to scout banks for financing in August, Deputy Energy Minister Lee Hohyeon announced.

This follows President Yoon Suk Yeol’s June announcement of a significant oil deposit of about 14 billion barrels off the coast, which initially boosted local energy stocks. However, skepticism about the field’s viability has tempered those gains.

Lee did not disclose interested firms’ identities, but reports indicate that Saudi Arabian Oil Co. and Italy’s Eni SpA are among the interested parties. KNOC officials plan to visit both companies’ headquarters soon.

Representatives for Aramco and Eni were unavailable for comment.

Attribution: Bloomberg