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In recognition of the importance of overseas natural resources development, Samsung C&T has made strenuous efforts since the early 1980s to secure energy resources such as crude oil and coal and to realize a sustainable supply of mineral resources.
Samsung advanced into the natural gas and oil exploration business in earnest in 1982 by leveraging on its strong financing and information power as a general trading company. It is now currently producing crude oil from the Issaouane Block oil field in Algeria alone. Samsung C&T has also made an equity investment in LNG development projects in Oman and Qatar to secure LNG production bases, realizing independent LNG production and a stable supply of clean energy since 1999.
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Samsung C&T started exploration and development of the oil field in Mahuangshan, China, in 1997. After a decade of exploration and development, the company began commercial production in 2007. The western mining block in Mahuangshan is located in the Ningxia autonomous region in western China. Much significance of the project lies in the fact that the company has established a joint venture project with the Korea National Oil Corporation and a local Chinese company, holding 44% of total equity while also participating in the project as an operator responsible for hands-on exploration and development. |
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In 2008, Samsung C&T purchased offshore oil and gas production assets in the Gulf of Mexico, contributing to achievement of Korea's energy independence. The medium-sized offshore reserve is estimated to hold 61 million barrels of oil, with its production level is expected to rise.
Such investment eliminates a large amount of risks involved in exploration and development and allows the company to immediately begin actual production away, while the purchase of the oil and gas production by the consortium raises Korea’s oil self-development rate. Through the deal, both Samsung C&T and KNOC have earned competitive edges in the energy business by securing the oil and gas field, production facilities, skilled man-power and experience in oil and gas operations of Taylor Energy Company LLC.
In addition, Samsung C&T has also been conducting exploration in Yemen, East Timor and Kazakhstan, and established joint partnerships with world-renowned energy companies to further spur its effort for development of energy and natural resources.
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In 1991, Samsung C&T concluded an agreement to import Malaysian LNG into Korea, becoming the first and only private company to begin the LNG import business in Korea. Three consecutive long-term contracts followed, allowing a yearly supply of 6 million tons of LNG, equivalent to a quarter of Korea’s total consumption.
In the near future, Samsung C&T will establish a comprehensive and streamlined business system that will connect and streamline from production to distribution by expanding its business scope into the downstream fields of natural gas.
Samsung’s participation in promising projects will be continued by realizing further expansion and consolidation of existing partnerships with world-renowned energy companies. Continued joint investments with institutions that specialize in natural resources will be also made. Systematic and professional training of its employees and continued inflow of experts will further strengthen its ability in identifying, evaluating and operating new investment businesses.
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