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