State-run Korea National Oil Corporation (KNOC) said today that it was eyeing five to ten oil companies overseas, each producing between 50,000 and 100,000 barrels per day, for a possible acquisition soon.

"We will make an acquisition soon," KNOC chief executive Kang Young-won said in a parliamentary audit, without elaborating.

Kang also said KNOC and its partners would complete raising 1 trillion won ($859.8 million) in funds overseas by end-October, which would help ease any concerns about the financial impact of its investments.

South Korea, the world's fifth largest crude importer, said last year it would invest 19 trillion won in KNOC to help the company raise daily production capacity six times to 300,000 barrels by 2012.

KNOC pursued a bid for Swiss oil explorer Addax Petroleum, but was trumped by Sinopec , China's top oil refiner, which agreed to buy Addax in June for $7.24 billion, reported Reuters.