Headed by Alexey Miller, the Company’s Management Committee Chairman, Gazprom’s delegation today completed its visit to the Democratic People’s Republic of Korea (DPRK).

In the course of the visit Alexey Miller held meetings with the DPRK top officials: Premier Pak Pong Ju, Vice Premier for Industry Ro Tu Chol and Petroleum Minister Ko Deng Sik.

The parties addressed issues of cooperation in the oil and gas sector.

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Launched in 1965, oil and gas exploration in DPRK intensified in 1993 when the Petroleum Exploration Bureau was transformed into the Petroleum Industry Ministry (PIM). Based on prospecting conducted in 1997, PIM identified 7 promising oil-bearing basins including the West Sea Basin (Yellow Sea offshore and Korean west coast), East Sea Basin (Japan Sea offshore and Korean east coast) and Pyongyang Basin.

The only state-run (100%) oil and gas business in DPRK, Korea National Oil Corporation (KNOC) directly reports to PIM and holds the exclusive right to prospect for and extract hydrocarbons in the country. KNOC includes business units engaged in oil & gas exploration, production, transmission and storage as well as research for the industry.

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