eia.gov: South Korea Country Analysis Brief

KNOC’s domestic exploration blocks

In 2011, KNOC produced 1,000 bbl/d of ultra-light crude (condensates), representing a negligible portion of its 2.2 million bbl/d total petroleum consumption, nearly all of which is imported.

By purchasing stakes in North American oil sands and shale formations, KNOC has diversified its market into unconventional oil and gas. Through the company’s oil acquisition of Harvest Energy in Canada, KNOC obtained the lease for BlackGold oil sands, a site with an estimated 259 million barrels of recoverable bitumen reserves. KNOC also acquired two other overseas oil companies in 2009 — SAVIA-Peru and Kazakh Sumbe — and obtained a majority share in UK-based oil company Dana Petroleum in September of 2010.

In the U.S., KNOC has working interest in producing projects in ANKOR and Northstar in the Gulf of Mexico, Old Home field in Alabama, and Parallel project in Texas and New Mexico. In 2011, KNOC acquired a 23.7 percent interest in Eagle Ford shale gas formation, producing 25 million barrels of oil equivalent per day of oil, gas, and natural gas liquids (NGLs).

KNOC’s global exploration projects


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