Korea National Oil Corp. has declared its new corporate identity (CI) on July 2, which the oil company said signifies a K as in Korea, mixed with ancient patterns drawn from the ancient philosophy of Taeguk, to become the symbol of Korea and emboldens KNOC’s identity as a state-run company, while at the same time boosting the company’s image as a global oil and gas exploration company, the company said recently.

The dark green in the new CI represents the spots where oil reserves are located in the international petroleum community and the red in the CI signifies the locations of gas reserves, along with KNOC’s passion and dedication to its work.

Acting CEO Kim Seong-hoon said the new CI, the first one adopted in 18 years, would be an occasion for the company to go a step forward in conquering its new challenge to become a global government-run oil exploration company. The acting CEO said he will continue KNOC tradition until the government appoints new president securing stable supply of oil resources and realizing its long-term goal of “GREAT KNOC 3020” while contributing to the nergy security while serving as the acting CEO.

The Great KNOC 3020 was announced in 2008 in line with the government policy to make KNOC greater. Under the strategy, KNOC’s daily crude oil production would reach 300,000 barrels per day and its untapped oil reserves would reach 2 billion barrels in 2012.

President Kang called on all the participants in the meeting to be armed with a challenging spirit so that the company would be able to cope with the changing situations in the global oil exploration business. “If every overseas unit does its best, KNOC will be able to expand its self-sufficiency in oil exploration by 20 percent this year as called for in the Great KNOC 3020,” he said.

Kang said, “We ought to tighten our belts and do our best to achieve the objectives prescribed in the long-term vision of the company for this year.” 

The CEO called for the tight execution of the free cash flow rolling plan with various backup measures for diversifying asset liquidity, a very important factor for creating funds for large investments.

“The year 2012 is the year for the accomplishment of the Great KNOC 3020 and the initial year for the post-period of the great plan. We ought to create great performance results by maintaining a consensus so that we may be called a top global organization,” Kang said.