Seoul: The Korean government has announced that it plans to boost its offshore production rate for oil and gas to 28% by 2016. The plan, announced at a cabinet meeting yesterday, will see the government spend $11bn over the next 10 years to develop the energy sector in addition to creating a special $540.9m energy fund to encourage private sector investment in energy development.
Last year the country imported 1.09bn barrels of oil and gas, substantially more than the 34m barrels produced domestically. The government expects the increased production to come from offshore oil fields in west Kamchatka in Russia, Kazakhstan, Azerbaijan and the Aral Sea gas field in Uzbekistan, reports the Korea Herald.
Korea also plans to improve technological capabilities at state-run Korea National Oil Corporation and plans to increase infrastructure to train energy exploration and development experts. [08/08/07]
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