Varied Thrush

by | Dec 28, 2017 | Thrush

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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]

Notes

  1. ^ a b c d "Korea National Oil Corporation".
  2. ^ Edaily Archived 2016-03-03 at the Wayback Machine, Jun 12, 2008.
  3. ^ "Korea National Oil". Forbes. Retrieved 2022-01-09.
  4. ^ "StackPath". www.offshore-mag.com. 22 November 2006. Retrieved 2022-01-09.
  5. ^ "UPDATE 2-Colombia and Korea oil firms buy Peru Petro-Tech". Reuters. 2009-02-06. Retrieved 2022-01-09.
  6. ^ "UPDATE 3-Nigeria court rules for S.Korea firm in oil case". Reuters. 2009-08-20. Retrieved 2022-01-09.
  7. ^ "Yémen : Total entre dans un nouveau bloc à terre auprès de KNOC". TotalEnergies.com. Retrieved 2022-01-09.
  8. ^ "S.Korea's KNOC in talks with Kazakhstan to drop oil field project". Reuters. 2016-08-05. Retrieved 2022-01-09.
  9. ^ a b "Korea's $3.9 Billion Oil And Gas Buy". Forbes. Retrieved 2022-01-09.
  10. ^ Asia, The Wall Street Journal (2009-03-23). "South Korea, Venezuela sign oil and natural-gas accord". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-01-09.
  11. ^ a b South Korean Oil Company Buys Canadian Producer
  12. ^ "Prime Minister Barzani signs historic oil agreements with South Korea". Archived from the original on 2012-02-11. Retrieved 2008-09-26.
  13. ^ "History of the Refinery at Come by Chance". North Atlantic Refining. Archived from the original on 29 July 2010. Retrieved 9 August 2010.
  14. ^ "Korea National Oil acquires half of Peru Petro-Tech". Reuters. 2009-02-06. Retrieved 2022-01-09.
  15. ^ "KNOC comes knocking". The Economist. 2010-08-26. ISSN 0013-0613. Retrieved 2022-01-09.
  16. ^ "Korean oil group in bid for Dana Petroleum". BBC News. 2010-07-02. Retrieved 2022-04-24.
  17. ^ "Dana Petroleum takeover firm KNOC backs acquisition". BBC News. 2010-09-17. Retrieved 2022-04-24.
  18. ^ "KNOC stands firm on £1.87bn bid for Dana Petroleum". BBC News. 2010-09-09. Retrieved 2022-04-24.
  19. ^ "Hostile takeover of Dana Petroleum likely". The Guardian. 2010-09-09. Retrieved 2022-04-24.
  20. ^ "Dana Petroleum board members step down after takeover". BBC News. 2010-10-12. Retrieved 2022-04-24.

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