Exploration & Production
We dream of becoming a resource power
Given heightened global uncertainties and recent volatility of oil prices, GS Energy seeks to reduce its exposure to macro risks and vulnerabilities by diversifying its portfolio and expanding its involvement in upstream activities.
In accordance with the Korean government's initiatives to establish a broader fuel base for energy security GS Energy is currently participating in a total of four E&P projects located around the world. In March of 2012，GS Energy signed a landmark exploration agreement for Concession Area 1, 2, 3 becoming the first Korean oil and gas company to gain a concession in the UAE since 1968. Subsequently in May of 2015，GS Energy was selected to acquire a 40-year participating interest in the ADCO Onshore Concession.
Leveraging our extensive global network and strategic partnerships the E&P division will play a key role in securing energy resources for domestic energy security and long-term sustainable growth.
[E&P Projects at GS Energy]
Exploration & Production
Through our extensive downstream operations,GS Energy has continuously sought to identify new sources of hydrocarbons to supplement our legacy assets from GS Caltex. GS Energy has committed to best practices in our exploration, development and production of hydrocarbons by partnering with leading international oil and gas companies. GS Energy seeks to reduce risk exposure through strategic portfolio management and by maintaining a system of checks and balances to enhance the depth and quality of our assets and investment opportunities.
UAE ADCO Onshore Concession
In May 2015，Korea GS E&P Pte. Ltd., a wholly-owned subsidiary of GS Energy, received a 3% participating interest in the ADCO Onshore Concession as a shareholder along with Total and JODCO. Korea GS E&P Pte. Ltd. is dedicated to support Abu Dhabi Company for Onshore Petroleum Operations Limited (ADCO) to operate the integrated assets groups of Bab, Bu Hasa, South East and Northeast Bab. The new concession covers 15 principal oil fields producing 1.6 million barrels per day. The Korean Consortium (GS Energy : 10%，KNOC: 30%) and the Abu Dhabi National Oil Company (60%) expect to produce approximately 30,000 barrels per day beginning in 2019.
UAE Concession Area 1, 2, 3
USA Onshore Production Field
Together with GS Global, GS Energy obtained a 30% working interest in the Nemaha Project in Oklahoma. Through the continuous development of the Unconventional Oil in North America, production of 10,000 BOE per day will be expected.
Exploration Projects in Southeast Asia
GS Energy is currently involved in Tuna PSC Indonesia and is currently investigating the feasibility and economics of further development.