The Korea National Oil Corporation (KNOC) was founded in 1979 to secure supplies of petroleum, a critical resource for the national economy. Its major activities are exploration, production, strategic stockpiling and domestic distribution of petroleum.
According to Dr. Se Jin Park, General Director of KNOC Vietnam, Vietnam’s oil and gas sector has been growing sharply in consumption, exploration, development and production, in parallel with its rapidly growing economy. Vietnam has many high potential areas to explore. For this reason, many foreign oil companies are rushing into Vietnam to do business. KNOC also considers Vietnam an ideal place to invest.
In November 17, 2006, KNOC announced its First Gas Production from Rong Doi Gas Field, Block 11-2, offshore Vietnam. KNOC discovered the field in 1997. In December 2004, it signed an interim gas sales and purchase agreement with Petrovietnam, which was finalized shortly thereafter and development of the gas field commenced. The Rong Doi/Rong Doi Tay Gas Field expects to produce and deliver to Petrovietnam approximately 130 million standard cubic feet of natural gas per day over 23 years.
As of March 2007, KNOC is involved in 28 E&P projects in 15 countries, including blocks 11-2 and 15-1 in Vietnam. It operates 7 oil producing blocks while assessing the potential of these projects. It also plans to become a competitive global upstream player in Oil Sand, GTL(gas-to liquids) and Gas Hydrate operations.
Besides business activities, valuable social contributions are an important part of corporate strategy. KNOC takes seriously its responsibilities to the people and society. From the beginning of operations in Vietnam, KNOC has actively participated in various social activities, and programs aiding people in need. It especially focuses on supporting and improving the education of children. In 2003, KNOC Vietnam donated 60,000 dollars to build "Vinh Tan" elementary school near Mui Ne City in Binh Tuan Province. This year, KNOC Vietnam also signed a contract with Ben Tre Province to build another primary school in the area. It will cost about 50,000 dollars. “KNOC will do its best to contribute to the economic and social development of Vietnam,” says Dr. Park.
“Oil consumption growth in Vietnam next year is expected to be more than 10 per cent. This is mainly due to the fast growing economy with a population over 80 million and annual GDP growth rate around 8 per cent. Petroleum consumption will dramatically increase in parallel with economic growth,” adds Dr. Park. KNOC will drill 3 additional exploration/appraisal wells in the block this year. Drilling will target the Rong Vi Dai (Giant Dragon) structure where gas accumulation was confirmed by previous exploration drilling, the Rong Tre (Young Dragon) structure where accumulations of oil were previously found, and Rong Bay Tay (Flying Dragon West) which is initial exploration.
Le Phuong
Vietnamese
