Company type | Public |
---|---|
Industry | Petroleum |
Founded | 1979 |
Headquarters | Ulsan, South Korea |
Area served | Canada China Indonesia Kazakhstan Nigeria Peru Russia South Korea United Kingdom Venezuela Vietnam Yemen |
Key people | Dong Sub Kim, President and CEO |
Products | Oil, gas |
Revenue | US$2.51 billion (2019) [1] |
US$80.3 million (2019) [1] | |
Total assets | US$16.18 billion (2019) [1] |
Total equity | US$518.4 million (2019) [1] |
Number of employees | 1,272 (2012) [2] |
Website | www |
Korea National Oil Corporation (KNOC) is the national oil and gas company of South Korea and one of the most important industrial companies in the country. [3] The company has operated and continues to operate oil and gas fields in Vietnam, [4] Peru, [5] Indonesia, Nigeria, [6] Yemen, [7] Kazakhstan, [8] Russia, China, Canada [9] Venezuela, [10] the United Kingdom and South Korea.
The company has oil reserves of around 600 million barrels (95,000,000 m3) [11] and gas reserves of 10 billion m3.
On 26 September 2008, KNOC signed a deal with the Kurdistan Regional Government 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. [12]
In 2009, the company purchased Harvest Operations for US$1.7 billion, along with its subsidiary North Atlantic Refining and its refinery in Come By Chance, Newfoundland and Labrador. It also assumed Harvest's US$2.2 billion in outstanding debt. [11] [13] [9] The US$3.9 billion bid was one of KNOC's largest deals at the time. That same year, the company acquired a 50% stake in privately held Petro-Tech, an oil firm with offshore assets in Peru. [14]
On 2 July 2010, KNOC confirmed preliminary discussions regarding a US$2.9 billion offer for the entire issued and to-be-issued share capital of Aberdeen-based Dana Petroleum. [15] [16] In September 2010, Dana's management had continued to reject the takeover approach, but 64% of shares had already been bought by KNOC. [17] [18] [19] 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. [20]
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