ABOUT KNOC

KNOC oil platform
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

Headquartered 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

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

 

  • participation in 97 producing blocks, in addition to 9 under development and 123 under exploration

 

  • operating income of KRW (South Korean Won) 788.4 billion in 2012
  • sales of KRW (South Korean Won) 10.5 trillion in 2012
  • over 6,000 employees worldwide
  • invested $4 billion in 2011 to grow production and reserves
 
  • Produced 81 million barrels in 2012, up from 72 million in 2011