TN PETRÓLEO

South Korea's Energy Holdings Group said it has launched the country's first oil field investment in a Texas oil field, Korea Herald reported Wednesday.


The group said Tuesday that it signed a contract with institutional investors to invest USD$30 million in an oil field in Texas, which will be operated by the world's 19th-largest oil firm, EnCana Corp.


The new oil fund is the first kind of fund in South Korea which concentrates on oil investment and most of its investors are financial companies, the group said.


The Energy Holdings Group is to give consultation about the technical side of the fund's oil field investment while MyAsset, a Seoul-based asset manager, will manage the fund.


According to an Energy Holdings source, the Texas field is in the production stage, and is expected to deliver stable stream of revenues through crude oil production.


The group added that the fund is considering making an additional investment of USD$60 million to acquire another oil field.


Energy Holdings is South Korea's first consulting firm specializing in oil field investments.