Korean state oil firm KNOC is looking to sell up to 49% in its wholly-owned UK-based subsidiary Dana Petroleum, Reuters reports. KNOC is looking to raise some $800mn from the sale and is targeting other Korean firms such as Samsung Heavy Industries, Daewoo Shipbuilding & Marine Engineering and Hyundai Heavy Industries as potential takers.

Dana Petroleum has operations in Egypt, the Netherlands and the UK’s North Sea and was purchased in 2010 for $2.9bn by the Korean state firm (...