KOREA National Oil Corporation (KNOC) and Korea Gas (Kogas) plan to invest a record $6.5billion in overseas oil & gas development projects this year.
The South Korean Ministry of Knowledge Economy said that, in addition to the KNOC and Kogas foreign investments, another $1.2billion will be invested by other private Korean companies in an effort to boost the country’s self-sufficiency.
The ministry said a survey it had recently concluded indicated that investment by Korean companies in non-Korean oil and gas projects was up 29%, from about $6billion last year.
“If investments take place as planned, the country’s self-sufficiency in oil & gas resources should reach around 13% of domestic demand this year, from the 10% estimated to have been reached in 2010,” the report said.
Great play on the self-sufficiency ambition was made at last month’s dinner in Aberdeen to celebrate the acquisition of Dana Petroleum.
