Harvest was formed in July of 2002 and has experienced significant growth and value appreciation since that time. With a balanced asset base, superior operational expertise, extensive land base and development opportunities, Harvest is well positioned to continue generating returns for our stakeholders.
Our upstream asset portfolio includes an estimated over 2 billion barrels of original oil in place on our conventional lands, with an additional 1 billion barrels estimated on our oil sands leases. With access to such a sizeable resource, Harvest’s upstream teams are focused on deploying new and proven enhanced oil recovery technologies to further capture value from our reservoirs.
In August, 2006, Harvest became an integrated energy company with the acquisition of North Atlantic Refining and its related marketing businesses. The principal asset of North Atlantic is a medium gravity, sour-crude hydrocracking refinery located in Come by Chance, Newfoundland with current crude capacity of 115,000 barrels (“bbl”) per stream day (“BPSD”). Since 1994, North Atlantic Refining Ltd. has invested approximately $600 million to ensure a safe, clean, reliable and productive operation. The refinery has the second leading utilization rate for oil refineries in Canada, transforming lower cost medium sour crude into some of the cleanest fuels in the world, and over $2 billion in clean fuels is exported annually. On November 13, 2014, Harvest effectively closed the sale of its 100% ownership in North Atlantic Refining Ltd.
On December 22, 2009, Korea National Oil Corporation (KNOC) became the sole shareholder of Harvest pursuant to a plan or arrangement under the Business Corporations Act (Alberta). KNOC is a leading international oil and gas exploration and production company wholly owned by the Government of Korea. As at December 31, 2015 Harvest's gross proved reserves represented ~32% of KNOC's consolidated petroleum and natural gas reserves and resources. Additionally, Harvest's petroleum and natural gas production represented ~19% of KNOC's consolidated 2015 petroleum and natural gas production.