KNOC Declares ‘KNOC New Vision 2030’

President Kim Dong-sub of Korea National Oil Corp. (KNOC) gives his commemorative speech a a ceremony to mark the 43rd anniversary at KNOC headquarters in Ulsan on March 3. (Photos: KNOC)

Korea National Oil Corp. (KNOC) held a ceremony at KNOC headquarters in Ulsan on March 3 to mark its 43rd anniversary, and declared “KNOC New Vision 2030,” its commitment to make a leap forward as a global energy company in the energy transition era.

In his commemorative speech, KNOC President Kim Dong-sub said, “KNOC has contributed to securing national energy security by implementing petroleum exploration and development projects and stockpiling projects in Korea and abroad.”

“We have to make opportunities to make a leap forward anew with experiences and technology power we’ve accumulated for the past 43 years and with a challenging spirit and a sense of mission,” he said.

During the event to celebrate the anniversary and declare the new vision, KNOC resolved to be reborn as an eco-friendly energy leader in an energy transition era by fulfilling its own duty of establishing energy security.

KNOC New Vision 2030 seeks to make a leap forward as a global energy leader by spearheading thorough national energy security and carbon neutrality.

To this end, KNOC established detailed strategies: securing stable amounts for petroleum security, spearheading new energy industries for carbon neutrality, ramping up the competitiveness through innovation and settling down ESG management at an early stage.

KNOC will strengthen energy security infrastructure by making the conventional mainstay businesses, such as petroleum stockpiling, exploration and development (E&D), while focusing on building an eco-friendly energy convergence cluster, including floating offshore wind power and carbon capture and storage (CCS) business as future new growth engines.

The corporation plans to designate essential technologies: petroleum exploration in strategic areas, well completion, reservoir characterization and enhanced oil recovery (EOR) technology.

It will also designate essential technologies as well as leading technologies: greenhouse gas emission reduction, eco-friendly, new energy industries, AI convergence technologies in the E&P sector and CCS technologies.

Plus, it will ramp up their technology capabilities. KNOC plans to continue to raise productivity through process innovation related to the 4th Industrial Revolution.

President Kim Dong-sub of Korea National Oil Corp. (KNOC) presides over a meeting designed to take stock of the development of the petroleum markets in Korea and abroad a cope with emergency cases in the wake of Russia’s invasion into Ukraine on March 2.

KNOC Holds Meeting to Take Stock of Petroleum Supply to Cope with Crisis

Korea National Oil Corp. (KNOC) held a meeting designed to take stock of the development of the petroleum markets in Korea and abroad to cope with emergency cases in the wake of Russia’s invasion into Ukraine on March 2.

KNOC President Kim told the meeting crude oil prices showed signs of continued rising on the back of the recovery of global petroleum demand and look into countermeasures corresponding to each scenario.