KNOC is 32 Yrs. Old

President Kang stresses KNOC’s Great 3020 Vision to boost oil reserves to 2 bln barrels and 300,000 barrels of daily production

Korea National Oil Corp. celebrated its 32nd founding anniversary in a ceremony on March 2 at the company’s home office in Anyang, Gyeonggi Province, and resolved to be a global oil exploration company in the near future.
President Kang Young-won in his congratulatory speech, said the company has doubled its crude oil reserve since 2008 and its daily production capacity three times, playing a huge role in bringing self-sufficiency rate of petroleum to 10 percent of total oil demand in Korea.
In order to complete the Post Great 3020 Vision operation targets for KNOC, the company has decided to enter non-traditional oil business development; continue to push strategies to make KNOC an oil hub in Northeast Asia and boost its risk management capacity; and develop global level advanced management system and built a global corporate culture; and secure oil reserves of 2 billion barrels by 2012 and daily crude oil production to 300,000 barrels.
President Kang in particular, stressed that the company should build an integrated risk management system that the company can operate during the national crises that will not fail the people’s expectations
KNOC was established in 1979 after the two oil crisis of the 1970s to secure the stable oil supply. It is the state-run oil company and carries out energy projects on behalf of the Korean government which private companies cannot perform as there still is structural vulnerability of another oil crisis.
Since it had the ability to explore the oil field on its own from the late 80s, it has participated in several oil drilling projects at home and abroad. KNOC succeeded in developing a commercial gas deposit in the Donghae 6-1 gas field and producing natural gas and condensate. It made Korea, used to be the non-oil producer, the oil-producing country.
From the 1990s, the corporation has engaged in overseas oil projects actively. As of the end of February in 2011, it carries out 191 projects in 25 countries. KNOC made itself known worldwide by successfully engaging in production after developing the 15-1 and 11-2 blocks in Vietnam with its own capital and proprietary technologies.
Under the strategic goal of GREAT KNOC 3020, it scaled up projects to increase daily output to 300k barrel and reserve deposit to 2 billion barrel. Since it successfully took over U.S. Ankor in 2008 as well as Peru’s SAVIA PERU, Canada’s Harvest and Kazakhstan’s Sumbe in 2009, UK’s Dana in 2010, it contributed the country’s self-sufficiency rate increase of oil supply substantially.
KNOC has a storage capacity of 146 million barrels by operating nine petroleum stockpiling bases around the nation, enabling it to respond effectively to significant shifts in oil supply and demand. Its ability to operate stockpiling bases made successful international joint stockpile and puts Korea North East Asia’s center for oil logistics, which will be the new growth engine for Korea.
Furthermore, KNOC is securing the next generation energy sources by doing extensive activities such as exploring the polar regions, remote areas and deep seas, and making research on oil sand, the non-traditional petroleum. It is also providing timely information on oil prices and national energy policies to the citizenry through an oil information network called Petronet (www.petronet.co.kr), a comprehensive gas station information system (www.opinet.co.kr), and publications.
Seeking nothing less than to provide hope and a better quality of life for the people of Korea and to earn their trust, KNOC will fully establish itself as a global state-run oil company by applying ethical, sustainable, and environment-friendly management, and by taking corporate social responsibility seriously at all times. Also based on the 4 core values: challenge, professionalism, respect, contribution, it will enhance its management ability meeting that of major oil companies.
Energy that moves Korea’s economy, it always begins with KNOC. nw

President Kang Young-won of Korea National Oil Corp. delivers his speech at the company’s 32nd founding anniversary in a ceremony on March 2.