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South Korea launched the "great leap forward" in energy self-sufficiency. The South Korean government recently said that by 2019, South Korea will increase its energy self-sufficiency rate by three times by increasing the development and investment in overseas projects, so as to meet the growing domestic demand. In a statement on its long-term overseas energy development plan, the Ministry of knowledge economy of the Republic of Korea said that by improving the oil and gas self-sufficiency rate, 30% of oil and gas imports in 2019 will come from large-scale production of its existing overseas assets, compared with only 9% last year

South Korea's Ministry of knowledge economy said that in the next few years, affected by the imbalance between supply and demand, global oil, gas and mineral prices will rise. With the recovery of the global economy, the demand of emerging economies is rising significantly. The Korean government will push the Korean National Petroleum Corporation and other state-owned energy companies to seek to acquire promising oil and gas assets, and further develop overseas production projects to improve Korea's energy self-sufficiency. Although the current energy demand of South Korea mainly depends on imports, the South Korean government has realized the seriousness of this problem. In recent years, South Korea has been making efforts to acquire overseas assets and increasing the exploration and development of overseas oil and gas fields it has obtained

in seeking overseas oil and gas assets, South Korea faces some powerful competitors in Asia, which leads to South Korea having to pay a higher price to acquire assets. Dr. Frank Henning, the head of lightweight research, affirmed and praised Hengrui. China and India, which are increasingly powerful in economy, have long encouraged their state-owned and private companies to seek the thermoforming system built by Yili Machinery Co., Ltd., whose overseas assets are located in heilburon, Germany, to reduce their heavy dependence on imports. In this case, South Korea has focused on small and medium-sized overseas oil and gas investment. On the contrary, China has a relatively large scale of investment in overseas oil and gas assets. An analyst at a South Korean securities company said that regional competition to ensure energy security is becoming increasingly fierce. South Korea faces strong rivals such as China and India. The essence of competition lies in whether the government can help the funds for M & A transactions and project development. From this point of view, South Korea is still not a competitor

according to some analysts, the goal set by the Korean government is to achieve a 30% energy self-sufficiency rate by 2019. This goal is very high because the current oil self-sufficiency rate in Korea is only 4%. In this long-term plan, the Korean government aims to increase the crude oil production of its overseas oil fields from 136000 barrels per day in 2009 to 699000 barrels per day by 2019, while the natural gas production will increase from 14600 tons to 39000 tons

Korea is currently the second largest LNG importer in the world after Japan. According to the Ministry of knowledge economy, South Korea also plans to increase the self-sufficiency rate of six strategic minerals, including uranium, nickel and iron ore, from 25% in 2009 to 42% by 2019, while the self-sufficiency rate of rare earth and lithium will increase from 7.3% to 26%. The Ministry of knowledge economy also said that the Korean government will increase its energy budget and increase its financial and tax support for companies engaged in overseas resource exploration and development projects

South Korea plans to increase the amount of government guarantees and loans for energy related businesses through the Korea trade insurance company and the Export Import Bank of Korea, from 5.12 trillion won in 2010 to 8.5 trillion won in 2013. South Korea's Ministry of knowledge economy also said that South Korea's pension will actively invest in the development of overseas energy projects in the next few years

Korea National Petroleum Corporation previously said that the company planned to invest US $2billion to US $3billion to increase the overseas oil and gas production capacity from the current 200000 barrels per day to 300000 barrels per day in 2012 by purchasing overseas assets and increasing exploration efforts for existing overseas oil and gas assets. An overseas subsidiary of the company has purchased the Canadian assets of hunt oil company of the United States for CAD 525million this month. In September, Korean oil purchased Dana oil company of the United Kingdom for GBP 1.87 billion

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