According to Yonhap News Agency, the South Korean government is set to take a more aggressive approach in securing its energy future. As part of this strategy, the state-owned Korea Gas Corporation (Kogas) is being encouraged to acquire overseas natural gas fields with proven reserves. This move aims to significantly boost the country’s energy self-sufficiency rate, which currently stands at a low level.
The transition in energy policy comes as part of the incoming administration led by President-elect Lee Myung-bak. His team has outlined a shift from merely investing in potential gas projects to directly acquiring established overseas assets. This new direction reflects a more proactive stance in ensuring long-term energy security.
In the first half of 2007, South Korea’s oil and natural gas self-sufficiency rate was only 3.8%. The government has set an ambitious target of raising this figure to 28% by 2016. To achieve this, Kogas and other domestic energy firms are exploring opportunities to invest in foreign energy resources.
Sources close to the matter suggest that several potential gas fields are under review, with the goal of finalizing a major acquisition soon. Additionally, some analysts believe that the government may also push for increased participation of Kogas and other companies in resource development projects in Western Siberia, where significant untapped reserves exist.
Lee Myung-bak, who will officially assume the presidency on February 25, has made energy independence a key priority. He has emphasized that increasing energy self-sufficiency is essential for the sustainable growth of the economy. His foreign policy is expected to support this objective by promoting South Korea’s involvement in global energy projects.
This strategic shift highlights the growing importance of energy security in South Korea’s national agenda. With rising demand and limited domestic resources, the country is looking to secure stable and reliable energy supplies through international partnerships and direct investments in proven reserves.
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