Korea National Oil Corporation (KNOC) is the national oil and gas company of
South Korea
South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korea, Korean Peninsula and sharing a Korean Demilitarized Zone, land border with North Korea. Its western border is formed ...
and one of the most important industrial companies in the country. The company has operated and continues to operate
oil
An oil is any nonpolar chemical substance that is composed primarily of hydrocarbons and is hydrophobic (does not mix with water) & lipophilic (mixes with other oils). Oils are usually flammable and surface active. Most oils are unsaturated ...
and
gas
Gas is one of the four fundamental states of matter (the others being solid, liquid, and plasma).
A pure gas may be made up of individual atoms (e.g. a noble gas like neon), elemental molecules made from one type of atom (e.g. oxygen), or ...
fields in
Vietnam
Vietnam or Viet Nam ( vi, Việt Nam, ), officially the Socialist Republic of Vietnam,., group="n" is a country in Southeast Asia, at the eastern edge of mainland Southeast Asia, with an area of and population of 96 million, making i ...
,
Peru
, image_flag = Flag of Peru.svg
, image_coat = Escudo nacional del Perú.svg
, other_symbol = Great Seal of the State
, other_symbol_type = Seal (emblem), National seal
, national_motto = "Fi ...
,
Indonesia
Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania between the Indian and Pacific oceans. It consists of over 17,000 islands, including Sumatra, Java, Sulawesi, and parts of Borneo and New Guine ...
,
Nigeria
Nigeria ( ), , ig, Naìjíríyà, yo, Nàìjíríà, pcm, Naijá , ff, Naajeeriya, kcg, Naijeriya officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf o ...
,
Yemen
Yemen (; ar, ٱلْيَمَن, al-Yaman), officially the Republic of Yemen,, ) is a country in Western Asia. It is situated on the southern end of the Arabian Peninsula, and borders Saudi Arabia to the Saudi Arabia–Yemen border, north and ...
,
Kazakhstan
Kazakhstan, officially the Republic of Kazakhstan, is a transcontinental country located mainly in Central Asia and partly in Eastern Europe. It borders Russia to the north and west, China to the east, Kyrgyzstan to the southeast, Uzbeki ...
,
Russia
Russia (, , ), or the Russian Federation, is a List of transcontinental countries, transcontinental country spanning Eastern Europe and North Asia, Northern Asia. It is the List of countries and dependencies by area, largest country in the ...
,
Canada
Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by tot ...
,
Venezuela
Venezuela (; ), officially the Bolivarian Republic of Venezuela ( es, link=no, República Bolivariana de Venezuela), is a country on the northern coast of South America, consisting of a continental landmass and many islands and islets in th ...
and
South Korea
South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korea, Korean Peninsula and sharing a Korean Demilitarized Zone, land border with North Korea. Its western border is formed ...
.
The company has
oil
An oil is any nonpolar chemical substance that is composed primarily of hydrocarbons and is hydrophobic (does not mix with water) & lipophilic (mixes with other oils). Oils are usually flammable and surface active. Most oils are unsaturated ...
reserves of around
[South Korean Oil Company Buys Canadian Producer](_blank)
/ref> and gas
Gas is one of the four fundamental states of matter (the others being solid, liquid, and plasma).
A pure gas may be made up of individual atoms (e.g. a noble gas like neon), elemental molecules made from one type of atom (e.g. oxygen), or ...
reserves of 10 billion m3.
On 26 September 2008 KNOC signed a deal with the Kurdistan Regional Government
The Kurdistan Regional Government (KRG) ( ku, حکوومەتی هەرێمی کوردستان, ''Hikûmetî Herêmî Kurdistan'') is the official executive body of the autonomous Kurdistan Region of northern Iraq.
The cabinet is selected by the m ...
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.
In 2009, the company purchased Harvest Operations
Harvest Operations Corp. is a Canadian oil and natural gas company based in Calgary, Alberta. Unlike many oil and gas trusts, which consist only of production fields, Harvest had both "upstream" (oil and gas wells) and "downstream" (refining and ...
for US$1.7 billion, along with its subsidiary North Atlantic Refining
North Atlantic Refining Ltd. is a petroleum company based in Newfoundland and Labrador, Canada.
History
In August 1994, the Vitol Group purchased the Come By Chance Refinery from Newfoundland Processing Ltd. and the operating company North Atl ...
and its refinery
A refinery is a production facility composed of a group of chemical engineering unit processes and unit operations refining certain materials or converting raw material into products of value.
Types of refineries
Different types of refineries ...
in Come By Chance, Newfoundland and Labrador
Come By Chance is a town on the isthmus of the Avalon Peninsula in Newfoundland and Labrador, Canada. It is in Division 1 on Placentia Bay.
Located in this town is Newfoundland's only oil refinery, the Come By Chance Refinery operated by North A ...
. It also assumed Harvest's US$2.2 billion in outstanding debt.Dana Petroleum
Dana Petroleum plc is an oil and gas exploration and production company based in Aberdeen, Scotland. Its activities are focused on the North Sea, Africa and The Middle East. It is a subsidiary of the Korea National Oil Corporation and is a forme ...
. In September 2010, Dana's management had continued to reject the takeover approach, but 64% of shares had already been bought by KNOC. The takeover was official in October 2010, when KNOC secured 90% of Dana Petroleum's shares by going straight to the shareholders. The action led to the resignment of the chairman and three non-executive directors from the board.
Notes
External links
*
PetronetOpinet
{{Economy of South Korea
Oil companies of South Korea
Natural gas companies of South Korea
National oil and gas companies
Energy companies established in 1979
Non-renewable resource companies established in 1979