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Korea National Oil Aims At Top 60 Of Fossil Fuels Producers

Koreas state-run oil company said yesterday it aims to become one of the 60 largest producers of fossil fuels in the world by 2012 by developing untapped resources and engaging in mergers and acquisitions

Korea National Oil Aims At Top 60 Of Fossil Fuels Producers

The plan announced by the Korea National Oil Corp. on its 30th anniversary calls for pushing daily crude production up to 300,000 barrels by the target year, with total reserves of oil and gas under the company's control to reach 2 billion barrels.

The company now produces 77,000 barrels of crude per day and has oil and gas reserves totaling 630 million barrels. Of that total, only the equivalent of 9,000 barrels of gas and 1,200 barrels of oil are produced in the country daily.

"This should allow KNOC's ranking on the global scale to rise from 95th to around the 50th-60th range," a spokesperson said.

The 95th-place ranking is an estimate from the U.S. Petroleum Intelligence Weekly.

To increase production, the 100 percent state-controlled company said it will compile a detailed blueprint for mergers and project financing by June, with full-fledged efforts to acquire foreign companies and operational oil and gas fields to begin in the second half.

Author: Ksenia Kochneva


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