SEOUL (Bloomberg) -- South Korea will probably agree to cut a stake in an oilfield in Libya to 4 percent from 11.67 percent as the North African nation wants increased ownership because of rising oil prices, a government official said.

“We’re still discussing, but it is likely that we will accept Libya’s request in April,” Jung Seok, assistant director of the Ministry of Knowledge Economy's oil division, said by phone in Seoul Monday. “Libya asked to renegotiate the production-sharing contract late last year.”
The field in the Murziq basin in the mid-western part of the country has produced 130,000 barrels a day since 2004. Libya holds a 65 percent stake while Italy’s Eni SpA and ENI Lasmo Plc. each have 11.66 percent. The South Korean group includes Korea National Oil Corp. and SK Energy Co.
The companies made the deal in 1990 when oil prices were lower. Benchmark oil prices in New York have risen by almost 75 percent in the past year. They traded at $105.25 a barrel at 12:40 p.m. in Singapore, remaining near the $106.54 record set on March 7.