Korea National Oil Corporation

From Wikipedia, the free encyclopedia
Korea National Oil Corporation
한국석유공사 Hanguk Seogyu Gongsa
TypePublic
IndustryPetroleum
Founded1979
HeadquartersUlsan, South Korea
Key people
Su Yeong Yang, President and CEO
ProductsOil, gas
RevenueDecrease US$ 2.51 billion (2019) [1]
Decrease US$ 80.3 million (2019) [1]
Total assetsDecrease US$ 16.18 billion (2019) [1]
Total equityDecrease US$ 518.4 million (2019) [1]
Number of employees
1,272 (2012)[2]
Websiteknoc.co.kr

Korea National Oil Corporation (KNOC) is the national oil and gas company of South Korea and one of the most important industrial companies in the country.[3] The company has operated and continues to operate oil and gas fields in Vietnam,[4] Peru,[5] Indonesia, Nigeria,[6] Yemen,[7] Kazakhstan,[8] Russia, Canada,[9] Venezuela[10] and South Korea.

The company has oil reserves of around 600 million barrels (95,000,000 m3) [11] and gas reserves of 10 billion m3.

On 26 September 2008 KNOC signed a deal with the Kurdistan Regional Government where KNOC was granted rights to explore and drill on several sites in the Iraqi Kurdistan in exchange for valuable support on a range of infrastructure projects.[12]

In 2009, the company purchased Harvest Operations for USD $1.7 billion, along with its subsidiary North Atlantic Refining and its refinery in Come By Chance, Newfoundland and Labrador. It also assumed Harvest's USD $2.2 billion in outstanding debt.[11][13][9] The $3.9 billion bid was one of KNOC's largest deals at the time. That same year, the company acquired a 50% stake in privately held Petro-Tech, an oil firm with offshore assets in Peru.[14]

On 2 July 2010 KNOC confirmed preliminary discussions regarding a USD$2.9 billion offer for the entire issued and to-be-issued share capital of Aberdeen-based Dana Petroleum.[15][16]

Notes[]

  1. ^ a b c d "Korea National Oil Corporation".
  2. ^ Edaily, Jun 12, 2008.
  3. ^ "Korea National Oil". Forbes. Retrieved 2022-01-09.
  4. ^ "StackPath". www.offshore-mag.com. Retrieved 2022-01-09.
  5. ^ "UPDATE 2-Colombia and Korea oil firms buy Peru Petro-Tech". Reuters. 2009-02-06. Retrieved 2022-01-09.
  6. ^ "UPDATE 3-Nigeria court rules for S.Korea firm in oil case". Reuters. 2009-08-20. Retrieved 2022-01-09.
  7. ^ "Yémen : Total entre dans un nouveau bloc à terre auprès de KNOC". TotalEnergies.com. Retrieved 2022-01-09.
  8. ^ "S.Korea's KNOC in talks with Kazakhstan to drop oil field project". Reuters. 2016-08-05. Retrieved 2022-01-09.
  9. ^ a b "Korea's $3.9 Billion Oil And Gas Buy". Forbes. Retrieved 2022-01-09.
  10. ^ Asia, The Wall Street Journal (2009-03-23). "South Korea, Venezuela sign oil and natural-gas accord". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-01-09.
  11. ^ a b South Korean Oil Company Buys Canadian Producer
  12. ^ Prime Minister Barzani signs historic oil agreements with South Korea
  13. ^ "History of the Refinery at Come by Chance". North Atlantic Refining. Retrieved 9 August 2010.
  14. ^ "Korea National Oil acquires half of Peru Petro-Tech". Reuters. 2009-02-06. Retrieved 2022-01-09.
  15. ^ "KNOC in bid for Dana". Upstream Online. NHST Media Group. 2010-06-02. Retrieved 2010-06-02.
  16. ^ "KNOC comes knocking". The Economist. 2010-08-26. ISSN 0013-0613. Retrieved 2022-01-09.

External links[]

Retrieved from ""