About the Korean National Oil Corporation
Korea is the eighth largest global economy, the world’s fifth largest importer of oil and second largest importer of liquefied natural gas. The country’s energy security is therefore a key issue.
The Korean National Oil Corporation (KNOC) was established by the Korean Government in 1979 to secure a stable oil supply for South Korea and its vision is to increase production and reserves to meet Korea’s energy needs for the future.
KNOC has approximately 200 projects in 25 countries and has its HQ in Seoul where it employs around 1,400 people.
Its goals are to reach production of 300,000 barrels of oil per day by the end of 2012 and production of 1.2 million barrels of oil per day by 2030. KNOC’s current production is around 220,000 boepd.
KNOC acquired Dana Petroleum for $2.9 billion in October 2010 and Dana accounts for 25% of KNOC’s oil and gas production.