S. Korean firms buy oil field

SEOUL (UPI): South Korea's Lg, Kumho and Hyosung Corp. have signed a sales and purchase agreement to buy a 50-percent share of an oil field in Oman, a spokesman said yesterday.

Located off northwest Oman, the Bukha oil field produces 4,900 barrels of oil daily, said Kim Shik, spokesman for Lg Corp.

The companies will buy the 50-percent share from Bukha Exploration Ltd., a subsidiary of Transworld Oil Ltd. of the United States, said Kim.

Lg will hold a 30-percent stake in the US$89-million company while Kumho and Hyosung will each own 20 and 10 percent, Kim said.