Seoul: Korea aims to boost oil, gas production

The overseas resources development plan also calls for 20 per cent of all gas and crude needed by the country to be produced in fields owned by local companies in 2013, up 2 percentage points compared to official estimates released in 2004, the Ministry of Commerce, Industry and Energy said.

As of 2006, the country's self-sufficiency rate stood at 3.2 per cent, with 34 million barrels of oil and gas being produced by local companies around the world, compared to 1.09 billion barrels imported.

The ministry forecast that in 2016, 326 million barrels will be developed by Korean energy companies vis-a-vis expected import figures of 1.18 billion barrels.

To meet this goal, Seoul will allocate 1 trillion won (US$1.08 billion) of its budget every year for the next 10 years to assist development in the energy sector, and to help create a 500 billion won energy fund that can funnel private money into the development of oil and gas fields.

- By Business Desk

The Korea Herald, Asia News Network

Publication Date: 07-08-2007