SOUTH KOREA

SOUTH KOREA

CAPITAL: SEOUL

POPULATION: 49 mm

AREA (on): 98,500 km²

OIL PEAK: na

SUPPLY

South Korea produces no oil and appears to have no oil prospects.

The country begun producing offshore gas in late 2003 from the Donghae gas field off its south eastern coast. The field is marginally economic and no new developments, besides small satellite discoveries, outside this region are expected.

DEMAND

South Korea is a major oil and gas importer. Consumption growth is expected to be similar to other developed, importing countries in the region although the dip in oil use in 2008/2009 was relatively severe as Korea has, in comparison, been particularly hard hit by the global recession.

Modest growth in oil usage is forecast from 2012 followed by price-constrained decline. Slightly greater growth in gas usage is expected, driven by fuel substitution and imports of LNG.

This is a simple forecast - detailed forecasts including offshore and onshore, deep water splits, sedimentary basins and major fields and drilling etc. can be purchased for most countries.

An onshore and offshore oil and gas production, consumption and drilling activity forecast report on this country can be commissioned,

including all relevant charts. Contact us for price and contents list.