ABOUT KNOC

About KNOC
The Korea National Oil Corporation (KNOC) was established in 1979. Following the two oil crises of the 1970s, the government of South Korea wanted to secure a stable oil supply. KNOC is the state-run oil company that carries out energy projects on behalf of the Korean Government.

1979

Established by the Korean Government in 1979 to secure a stable oil supply for South Korea.

226

Approximately 226 projects in 24 countries including the UK, Canada, US, UAE, Kazakhstan, Peru and Indonesia. 

240,000

Average production of 240,000 barrels of oil per day.

1,300

Headquarters in Seoul, South Korea and employs 1,300 people.

1.31bn

1.31 billion barrels of reserves. 

9

9 petroleum stockpiling bases with storage capacity of 146 million barrels.

600,000

Long-term strategy to achieve daily production of 600,000 barrels of oil per day by 2020. 

97

Participation in 97 production blocks, in addition to 9 under development and 123 under exploration.

788.4bn

Operating income of KRW (South Korean Won) 788.4 billion in 2012.

10.5tr

Sales of KRW (South Korean Won) 10.5 trillion in 2012.

6,000

Over 6,000 employees worldwide.

$4bn

Invested $4 billion in 2011 to grow production and reserves.

81m

Produced 81 million barrels in 2012, up from 72 million in 2011.