Korea National Oil Corporation Expands Cooperation with US Energy Companies in Oil Development and Renewable Energy Projects

President Yoon Suk-yeol's State Visit to the U.S. ... Business Diplomacy

ExxonMobil Signs MOU on CCS, Clean Hydrogen, and Ammonia Production Projects

Black Mountain Co. Discusses Joint Investment, New Business Expansion, and Mutual Cooperati

Korea National Oil Corporation (KNOC) achieved various successes through President Yoon Suk-yeol's state visit to the United States, signing MOUs with U.S. energy companies to secure opportunities in low-carbon new energy projects, and strengthening joint cooperation in eco-friendly sectors such as CCS, clean hydrogen, and ammonia.

President Kim Dong-seop of Korea National Oil Corporation (right) is taking a commemorative photo with Minister Lee Chang-yang of the Ministry of Trade, Industry and Energy (center) and Sayyed, CEO of ExxonMobil LCS, after signing the MOU.

Kim Dong-seop, President of KNOC, accompanied President Yoon Suk-yeol as part of the economic delegation during the state visit to the U.S. He participated in the 'Korea-U.S. Advanced Industry Forum' and the 'Korea-U.S. Advanced Industry Clean Energy Partnership' events held in Washington D.C., engaging in close discussions with local energy companies.

On April 25, at the 'Korea-U.S. Advanced Industry Clean Energy Partnership' event, President Kim signed an MOU with ExxonMobil to expand partnership and cooperative activities between the two companies in the low-carbon new energy sector.

The MOU signing ceremony was attended by Lee Chang-yang, Minister of Trade, Industry and Energy, and I. H. Sayyed, President of ExxonMobil Asia Pacific Low Carbon Solutions (LCS).

The MOU between KNOC and ExxonMobil includes joint evaluation and development of domestic and international CCS projects, cooperation on clean hydrogen and ammonia production in the U.S., and collaboration on infrastructure development for domestic import, thereby strengthening business cooperation in the low-carbon new energy sector in preparation for the carbon-neutral era.

Through this MOU with ExxonMobil, KNOC is expanding its CCS business onto the international stage and securing clean hydrogen and ammonia production volumes in the U.S. in advance, laying the groundwork for attracting overseas investment to build domestic distribution infrastructure.

On April 26, President Kim moved to Dallas and held meetings with Rhett Bennett, CEO of Black Mountain, an independent U.S. oil development company, along with the CFO and CTO.

President Kim Dong-seop of Korea National Oil Corporation (third from the left) and Let Bennett, CEO of Black Mountain Inc. (third from the right), are taking a commemorative photo with officials after signing the MOU.

A KNOC official stated that through the MOU signing and meetings with these companies, President Kim and the parties shared a broad consensus on the need to strengthen mutual cooperation in energy sector joint investments, sale of KNOC’s non-core assets, and asset development, while further expanding and advancing new growth businesses in preparation for the carbon-neutral era.

Additionally, it was reported that President Kim and Hunter Hunt, CEO of Hunt Energy, agreed on the need to further expand and develop cooperation between the two companies in the traditional E&P business sector, where they have maintained a friendly relationship, and engaged in in-depth discussions on detailed cooperation plans to ensure a stable transition of the energy paradigm in anticipation of the future low-carbon energy era.

President Kim Dong-seop of KNOC emphasized, “It is a very meaningful achievement that businesspeople and government officials from Korea and the U.S. gathered during President Yoon Suk-yeol’s state visit to closely discuss bilateral cooperation measures to secure low-carbon new energy sources. Building on this, KNOC will secure global-level capabilities in low-carbon new energy businesses to prepare for the future clean energy era and will continue efforts in oil development projects to ensure a stable energy transition.”

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