Following the third industrial revolution of computer- and internet-based knowledge and information, a hyperconnected way of life based on information technologies such as artificial intelligence and big data is emerging, with the potential to transform every aspect of how humanity has lived. The development of core fourth industrial revolution technologies has made energy indispensable to society, while a higher quality of life has become a central value of our time.

Global oil demand is expected to continue rising as developing countries such as China and India experience rapid economic growth and develop future cities. At the same time, declining conventional oil production and persistent geopolitical tensions in the Middle East are accelerating oil shortages. To address the resulting energy shortages, expand the limits of production and demand, and diversify energy sources, related technologies and demand are now growing rapidly worldwide.

Developing new energy sources to replace conventional oil still presents many technical challenges. Advances in extraction technology and improved profitability from rising oil prices have enabled unconventional energy resources to be produced as oil, attracting growing interest in Korea and abroad. However, Korea's lack of core unconventional oil plant technologies has severely limited entry into new overseas markets. Our program therefore aims to reduce the concentration of overseas business in particular regions and project types by increasing and diversifying overseas plant orders, and to create opportunities for overseas expansion by advancing core technologies and demonstrating technologies in each Focus Area.

Unconventional oil is expected to have a substantial impact on the international oil market because of its potential to replace conventional petroleum, although production costs and environmental concerns remain unresolved. By advancing technologies and developing eco-friendly plant operation technology, we believe the Program for Developing Core Technologies for Unconventional Oil Production Plant Construction will be able to develop and demonstrate core technologies for oil sands production, treatment, and transport plants in extreme cold regions.

Thank you again for your continued interest and support.