KNOC Signs MOU
On March 2 (local time), the Korea National Oil Corporation (KNOC) signed a Petroleum Gas Technical Cooperation MOU with the Kuwait Petroleum Corporation (KPC).
The MOU was signed in order to seek joint business opportunities and encourage the interchange of relevant human resources, knowledge, and information through technical cooperation in petroleum development between the two companies. Taking this MOU opportunity, both companies are planning to exchange and cooperate in various sectors including oil geology, oil engineering, research, and development in the oil development and human resources.
To do so, both companies will determine the cooperation fields, including elastic wave data processing, reservoir modeling, drilling and oil well completion, oil well management, enhanced oil recovery, next-generation energy resources, and business management. Also, they will discuss concrete cooperation methods at joint workshops in the future.
Through the MOU, the KNOC is planning to improve the ability in domestic resource development, as it will help the domestic research institutes and companies possessing technology in related fields, including oil exports and an increase in production, to participate in resource development services and joint R&D businesses in Kuwait.