ID :
44871
Tue, 02/10/2009 - 09:43
Auther :
Shortlink :
https://www.oananews.org//node/44871
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S. Korea spends record US$4 bln to develop overseas oil fields in 2008
(UPDATES with more details, comments from para 2)
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 helps push up the country's
self-sufficiency in oil and gas to 5.72 percent of total demand from the 4.2
percent level reached the previous year, the Ministry of Knowledge Economy said.
The country's demand for oil and gas reached 3 million barrels per day last year.
Oil and gas fields controlled by South Korean companies produced 172,200 barrels
of oil 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 2007, fields controlled by South Korean companies, including Korea National
Oil Corp. (KNOC) and SK Energy Co., reached 125,000 barrels per day.
The ministry said that in 2008, local companies engaged in 35 new development
projects, bringing the overall total to 155 in 36 countries. Of these, South
Korean companies have secured management control of 67 operations, which will
provide valuable experience in the management of energy production.
South Korea is a relative late-starter in oil and gas exploration and
development, with state-run KNOC ranking only 95th in the world. This is despite
the country's near complete dependence on imported resources to meet its energy
needs and fuel economic growth.
Of the total invested, $1.08 billion was allocated for exploration work, with
little over $2.68 billion going to the purchase of oil and gas fields and
expanding production. Other investments went towards related development
projects.
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.
"Although economic and financial circumstances are not favorable, the drop in
international crude prices has made it somewhat easier to increase overseas
purchases," said Hwang Soo-sung, head of the ministry's oil and gas development
division. He said the goal is to increase daily output by 53,000 barrels per day
by year's end to over 225,000 barrels.
yonngong@yna.co.kr
(END)
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 helps push up the country's
self-sufficiency in oil and gas to 5.72 percent of total demand from the 4.2
percent level reached the previous year, the Ministry of Knowledge Economy said.
The country's demand for oil and gas reached 3 million barrels per day last year.
Oil and gas fields controlled by South Korean companies produced 172,200 barrels
of oil 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 2007, fields controlled by South Korean companies, including Korea National
Oil Corp. (KNOC) and SK Energy Co., reached 125,000 barrels per day.
The ministry said that in 2008, local companies engaged in 35 new development
projects, bringing the overall total to 155 in 36 countries. Of these, South
Korean companies have secured management control of 67 operations, which will
provide valuable experience in the management of energy production.
South Korea is a relative late-starter in oil and gas exploration and
development, with state-run KNOC ranking only 95th in the world. This is despite
the country's near complete dependence on imported resources to meet its energy
needs and fuel economic growth.
Of the total invested, $1.08 billion was allocated for exploration work, with
little over $2.68 billion going to the purchase of oil and gas fields and
expanding production. Other investments went towards related development
projects.
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.
"Although economic and financial circumstances are not favorable, the drop in
international crude prices has made it somewhat easier to increase overseas
purchases," said Hwang Soo-sung, head of the ministry's oil and gas development
division. He said the goal is to increase daily output by 53,000 barrels per day
by year's end to over 225,000 barrels.
yonngong@yna.co.kr
(END)
