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Korea National Oil Corporation
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
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