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South Korea Oil and Gas Report Q1 2013 - Product Image

South Korea Oil and Gas Report Q1 2013

  • Published: January 2013
  • Region: South Korea
  • 83 pages
  • Business Monitor International

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BMI View:

While there are new efforts to stimulate upstream oil and gas activity and improve energy self-sufficiency, there is little to suggest that South Korea can develop significant resources, meaning the country is set to remain a key importer of crude and natural gas in liquefied form. Meanwhile, the government is planning fresh initiatives aimed at reducing oil consumption, while the state gas industry continues to buy into overseas LNG schemes to meet growing demand.

The main trends and developments we highlight for the South Korean Oil & Gas sector are:

- The extension of a contract between France's GDF Suez and Korea Gas Corporation (Kogas)
is a positive development in securing supply from a stable source for the world's second largest importer of liquefied natural gas (LNG). With pipelines untenable due to hostile relations with the North, imports of LNG are critical to powering the country's economy.

- The economy relied on oil for an estimated 40.0% of its energy needs in 2010, and while this figure is expected to have declined to 37.5% in 2012, the government aims to reduce it further to 33.0% by 2015. This would enable the country to READ MORE >

BMI Industry View 5

SWOT Analysis 6

South Korea Oil and Gas SWOT 6

Industry Forecast Scenario 7

Oil And Gas Reserves 7
Table: South Korea - Proven Oil and Gas Reserves & Total Petroleum Data, 2011-2017 7
Table: South Korea - Proven Oil and Gas Reserves & Total Petroleum Data, 2015-2021 8

Oil Supply And Demand 10
Table: South Korea - Oil Production, Consumption and Net Exports, 2011-2017 10
Table: South Korea - Oil Production, Consumption and Net Exports, 2015-2021 11

Gas Supply And Demand 13
Table: South Korea - Gas Production, Consumption and Net Exports, 2011-2017 13
Table: South Korea - Gas Production, Consumption and Net Exports, 2015-2021 14

LNG 17

Refining And Oil Products Trade 17
Table: Refining - Production and Consumption, 2011-2017 17
Table: Refining - Production and Consumption, 2015-2021 18

Revenues/Import Costs 19

Key Risks To BMI's Forecast Scenario 20

Oil And Gas Infrastructure 21

Oil Refineries 21
Table: Refineries In South Korea 21

Service Stations 21

Oil Storage 21

LNG Terminals 22
Table: LNG Terminals In South Korea 22

Gas Storage 22

Gas Pipelines 23

South Korea Upstream Rating - Overview 24

South Korea Upstream Rating - Rewards 24

South Korea Upstream Rating - Risks 24

South Korea Downstream Rating - Overview 24

Regional And Country Risk/Reward Ratings 25
Table: Asia's Oil & Gas Risk/Rewards Ratings 25
Table: Asia Upstream Risk/Reward Ratings 31
Table: Asia Downstream Risk/Reward Ratings 32

Competitive Landscape 33

Executive Summary 33
Table: Key Players - South Korean Oil And Gas Sector 33

Overview/State Role 34

Government Policy 34

International Energy Relations 37
Table: Key Upstream Player 40
Table: Key Downstream Players 40

Company Monitor 41

Korea National Oil Corporation (KNOC) 41

Korea Gas (Kogas) 44

SK Innovation 47

GS Caltex - Summary 49

S-Oil - Summary 49

Hyundai Oilbank - Summary 49

Woodside Petroleum - Summary 50

POSCO - Summary 50

Daewoo International - Summary 51

Regional Energy Market Outlook 52
Table: Number Of Rigs In Operation In Asia 53

Global Energy Market Outlook 59
Table: Global Oil Demand Forecasts - A Comparison 62

Asia - Regional Appendix 65
Table: Oil Consumption - Historical Data & Forecasts, 2009-2016 ('000b/d) 65
Table: Oil Consumption - Long-Term Forecasts, 2014-2021 ('000b/d) 65
Table: Oil Production - Historical Data & Forecasts, 2009-2016 ('000b/d) 66
Table: Oil Production - Long-Term Forecasts, 2014-2021 ('000b/d) 67
Table: Refining Capacity - Historical Data & Forecasts, 2009-2016 ('000b/d) 68
Table: Refining Capacity - Long-Term Forecasts, 2014-2021 ('000b/d) 68
Table: Gas Production - Historical Data & Forecasts, 2009-2016 (bcm) 69
Table: Gas Production - Long-Term Forecasts, 2014-2021 (bcm) 70
Table: Gas Consumption - Historical Data & Forecasts, 2009-2016 (bcm) 70
Table: Gas Consumption - Long-Term Forecasts, 2014-2021 (bcm) 71
Table: LNG Exports - Historical Data & Forecasts, 2009-2016 (bcm) 72
Table: Net LNG Exports - Long-Term Forecasts, 2014-2021 (bcm) 72

Methodology And Risks To Forecasts 73

Glossary Of Terms 74
Table: Glossary of Terms 74

Oil And Gas Risk/Reward Ratings Methodology 76

Ratings Overview 76
Table: BMI's Oil & Gas Business Environment Ratings - Structure 77

Indicators 77
Table: BMI's Oil & Gas Upstream Ratings - Methodology 77
Table: BMI's Oil & Gas Business Environment Downstream Ratings - Methodology 79

BMI Methodology 81

How We Generate Our Industry Forecasts 81

Energy Industry 81

Cross checks 82

Sources 82

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