advantage of low interest rates, raised Korea’s self-sufficiency rate of oil and gas to 10 percent level and expanded its overseas strongholds to the North Sea and Africa.
Meanwhile, KNOC is consolidating the business foundation with efficient management of local and overseas oil & gas blocks. The Corporation has been producing natural gas and condensate from a domestic continental shelf, Donghae-1 gas field, located 58 kilometers offshore Ulsan and found additional gas and oil in Vietnam 11-2 and 15-1 blocks. KNOC has also built sound international relations with national oil companies in Asia and oil producing countries.

In April 2010, KNOC took a landmark step in its history, completing oil stockpile plan according to 3-phases of government oil stockpile plan that started from 1980.
Having completed the Korean government’s stockpiling plan, starting in Ulsan city in 1980, KNOC has secured a storage capacity of 146 million barrels. It is equivalent to 158 days of net imports, at nine bases throughout the country.
KNOC plans to establish global trading system with increased trading of overseas-produced oil and makes efforts to stabilize oil supply and demand at home by lending reserved oil and oil facilities to local refineries in time.

By building stockpiling bases optimized for logistics, KNOC is proactively preparing for the fast-changing global oil market, as well as playing a pivotal role in developing the nation into an oil hub for Northeast Asia, thus becoming a regional logistics center.

In line with its efforts to sharpen the competitive edge of Korea’s oil industry, KNOC is striving to accomplish technological independence earlier than originally planned through systematic technology development. Since its announcement of an “E&P Technology Roadmap”, KNOC has enhanced its competitiveness by securing E&P employees’ expertise and systematically, managing and utilizing technologies and capabilities of human resources around the world.
In 2010, the Corporation increased R&D investment and set up “Global Technology & Research Center (GTRC)” in Canada, the hub of oil technology development. The center

is KNOC’s first overseas R&D institute. It will contribute to raising exploration success rate, securing additional reserves and augmenting production volume by playing an advisory role and bringing proven technical capabilities to across the company’s global operations.