South Korea to invest nearly $12 bn in oil in 2012
December 21st, 2011 - 2:48 pm ICT by IANSSeoul, Dec 21 (IANS) South Korea plans to invest nearly $12 billion in oil and natural gas developments next year in a bid to secure stable energy supply, the economy ministry said Wednesday.
The nation’s public corporations would invest $7.8 billion in developing oil and natural gas resources in 2012, while private-sector enterprises were set to spend $4 billion in energy projects, according the ministry of knowledge economy.
Next year’s investment was up 34 percent from $8.8 billion estimated for this year, and would be the largest annual amount for energy projects, Xinhua cited the ministry as saying.
The largest-ever investment would be made as part of efforts to secure stable energy supply for the world’s fifth-largest crude oil importer and the second-biggest liquefied natural gas (LNG) buyer.
The ministry aimed to raise the country’s energy self-sufficiency ratio for both oil and gas to 20 percent by the end of 2012, while the state-run Korea National Oil Corp. (KNOC) planned to secure oil reserves of around 2 billion barrels and produce as much as 300,000 barrels per day by the end of next year.
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Tags: bn, crude oil, economy ministry, energy projects, gas developments, gas lng, knowledge economy, liquefied natural gas, national oil, natural gas resources, oil and gas, oil importer, oil reserves, private sector enterprises, public corporations, self sufficiency, seoul, south korea, stable energy supply, xinhua