REPORT: KNOC to sell Harvest

Financial Times is reporting Korea National Oil Corporation (KNOC) is seeking to sell ‘lossmaking’ Harvest Operations.

According to reports, KNOC’s CEO told reporters:

We’ve made an internal decision to sell the Canadian company as its losses become bigger amid lower oil prices in North America…We are also looking into other foreign assets and seeking various ways to dispose of unprofitable assets.

The move comes amid a slew of property sales in the western Canadian oilpatch.

According to Harvest’s website, the company has “2 billion+ boe of estimated OOIP on conventional land with 1 billion+ boe of incremental OOIP estimated on 42,000 net acres of oil sands land”