GS Energy actively contributes to improving the national
self-sufficiency rate and ensuring energy supply stability
through proactive overseas resource development projects.
In March 2012, GS Energy became the first Korean company to participate in a development mine in the UAE, led by global oil majors, thereby laying the foundation for its entry into the Middle East region.
Subsequently, in May 2015, GS Energy secured a mega-production mine in the UAE, with a daily production capacity1) of approximately 50,000 barrels, totaling around 800 million barrels of crude oil production over 40 years. This marked the largest single oil development project in Korean history.
GS Energy's daily crude oil production in Abu Dhabi accounts for about 1.5%2) of the country's daily petroleum consumption, and it sells the entire production to overseas major companies.
Leveraging its global network and strategic partnerships, GS Energy continuously grows its resource business as a core asset and contributes to securing the nation's energy resources.
1) As of the Time of Business Participation
2) Domestic Daily Petroleum Consumption: 2.82 million barrels (Source: Petronet), Al Dhafra 4,000 barrels/day, ADNOC Onshore 37,800 barrels/day basis'
- UAE ADNOC Onshore
-
In May 2015, the company achieved a significant milestone by participating in the ADNOC Onshore project, which had been led by global oil majors for the past 75 years.
This mine produces approximately 1.8 million barrels of oil per day, and based on the company's ownership stake of 2.1%, it corresponds to a daily production level of around 37,800 barrels.
The company is participating in this project through the joint venture entity Korea GS E&P Pte. Ltd., in collaboration with the Korea National Oil Corporation.'Business DetailsParticipation Stake 2.1% Mining Duration 2015 to 2054 (40 years) Reserves 28.3 billion barrels (Company’s: Approximately 590 million barrels) Daily Production Approximately 1.8 million barrels per day (Company’s Share: Approximately 37,800 barrels per day) Korea GS E&P Pte. Ltd.Sales 2,709,311 Operating profit 2,709,311 Asset 2,709,311 Unit : one million won
Investment Structure
- UAE Al Dhafra Petroleum
-
In June 2019, commercial production began, and as of the company's 10% share, it is currently producing approximately 4,000 barrels of crude oil per day. The company is actively exploring additional structures within the mine for continuous production volume expansion. The company is participating in this project through a joint venture with the Korea National Oil Corporation (KADOC Ltd.).3)3) Korea Abu Dhabi Oil Corporation Ltd.
Business DetailsParticipation Stake 10% Mining Duration 2012 to 2042 (30 years) Reserves 213 million barrels (equity reserves: 21.3 million barrels) Daily Production Approximately 40,000 barrels/day (equity production volume: approximately 4,000 barrels/day) KADOCSales 697,489 Operating profit 526,126 Asset 962,254 Unit : one million won
Investment Structure