Korea National Oil Corporation (KNOC) is reviewing a plan to bring crude oil produced by its overseas subsidiaries into Korea. The move comes as the Strait of Hormuz—through which a quarter of the world's seaborne crude passes—has been blocked following U.S. and Israeli strikes on Iran, deepening the global crude supply crunch. Korea National Oil Corporation (KNOC) has subsidiaries in the United States, Canada, the United Kingdom, and the United Arab Emirates (UAE), and has invested equity in blocks located in Venezuela and Vietnam.
On the 27th, a Korea National Oil Corporation (KNOC) official said, "In an emergency, the contracts allow us to bring in crude oil in proportion to KNOC's equity in producing blocks," adding, "When the supply crunch is severe, releasing strategic reserves takes precedence, but discussions are also under way on securing crude from overseas subsidiaries and the blocks in which we invested equity."
Overseas blocks in which Korea National Oil Corporation (KNOC) and its foreign subsidiaries hold equity number roughly 12. Representative overseas subsidiaries include Harvest in Canada and Dana in the United Kingdom. Harvest has producing blocks in Canada, while Dana has producing blocks in three countries: the United Kingdom, the Netherlands, and Egypt.
Korea National Oil Corporation (KNOC) also has a U.S. subsidiary, KNOC Eagle Ford Company (Eagle Ford Corporation). The company operates two blocks: the onshore Eagle Ford block and the offshore MC21 block, in which KNOC holds 23.7% and 71% equity, respectively. The respective blocks are producing 24,000 barrels and 10.4 million barrels of crude per day.
Korea National Oil Corporation (KNOC) also secured 68 million barrels out of 228 million barrels of reserves as of 2015 through a 30% equity stake in Al Dhafra (Al Dhafra), which holds a block in the UAE. It also holds a 0.9% equity stake in another UAE block, UAE ADNOC Onshore (Onshore). KNOC's share of the crude oil contained in that block is about 200 million barrels.
In addition, Korea National Oil Corporation (KNOC) owns 100% equity in the Akzhar (Akzhar) block through its Kazakhstan subsidiary. As of December 2025, the block produces 41 million barrels of crude per day. It also holds blocks in Kulzhan and Arystan, where KNOC's share of produced oil and gas is 10,000 barrels per day. It also holds equity stakes in blocks in Vietnam and Venezuela.
A Korea National Oil Corporation (KNOC) official said, "Contractually, we can bring into Korea as much crude as the annual output from the overseas subsidiaries and the blocks in which we hold equity, but given the global situation, it will be difficult to secure KNOC's entire share," adding, "The Peru block has limited volumes, and Venezuela is effectively under force majeure for political reasons. Kazakhstan is inland, posing challenges for imports. Importing from Canada, the United States, and the United Kingdom appears most likely."
However, Korea National Oil Corporation (KNOC) says it cannot disclose the volumes that could be imported. A KNOC official said, "With countries desperate over crude supplies, it is difficult to reveal how much crude Korea can secure, even for the sake of negotiation leverage."