S. Korea spends record US$4 bln to develop overseas oil fields in 2008

By Lee Joon-seung
SEOUL, Feb. 9 (Yonhap) -- South Korean companies spent a record US$4.02 billion
last year to develop overseas oil and gas fields in an effort to better insulate
the country from sudden surges in global energy prices, the government said
Monday.
The increase marks a 57.6 percent on-year gain and helped push up the country's
self-sufficiency in oil and gas to 5.72 percent of total demand, the Ministry of
Knowledge Economy said.
Oil and gas fields controlled by South Korean companies produced 172,200 barrels
of oil equivalents per day in 2008, up 37 percent from the year before, according
to the ministry, which is in charge of the country's industrial and energy
policy.
In 2008, local companies engaged in 35 new development projects, bring the
overall total to 155 in 36 countries, it added.
South Korea relies almost exclusively on imported resources to meet its energy
needs and sudden spikes in prices can adversely affect economic growth and the
country's trade balance.
For 2009, the ministry said companies plan to invest $5.2 billion to boost the
country's self-sufficiency in oil and gas to 7.4 percent.
yonngong@yna.co.kr
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