Korea National Oil Corporatio

Of all the energy consumed by Korea, half comes from petroleum, a vital strategically important component driving the national economy. Korea is the world&＃39;s fourth-largest oil importer and the sixth-largest oil consumer. So, a stable supply of petroleum is fundamental to the well being of the Korean economy, for its future development and for its status in the world market place. Korea National Oil Corporation was established in 1979 and its founding principle is to secure oil supplies for the nation, by exploration for and development of oilfields, by holding petroleum reserves and by building a national distribution network.For the last quarter of a century, KNOC has invested in petroleum development in Korea and twenty-one countries overseas in order to acquire its own independent sources of supply. 2003 marks two massive milestones lengthy searches on the Korean continental shelf will be rewarded by natural gas production coming on stream and in off-shore Vietnam, first oil will be pumped from our gigantic find in Block 15-1. These developments make reality the long-cherished hope that Korea might become an oil producer and put KNOC in the front rank of oilfield development.