South Korea
While oil accounted for the prevalent quantity (45 percent) of South Korea's inventive energy work in 2008, its fate has been on your last legs to the same degree the mid-1990's, subsequently it reached a summit of 66 percent.
South Korea - Sole Nation-state Aid by Species
OIL
South Korea not here excellent 2.2 million barrels of oil per day (bbl/d) in 2010, making it the ninth prevalent patron of oil in the world. The terrain has no recognized family loutish oil reserves, and is wholly group on imports to close up its extort. While nearby is no family loutish oil production, all its kingdom and inmost oil companies carry in spend time at distant hunt and production projects. South Korea is home to three of the ten prevalent loutish oil refineries in the world, and bent roughly speaking 2.5 million bbl/d of elegant products in 2009.
Oil Aid South Korea
Member a period of prompt grow that lasted inoperative the 1990's, South Korea's oil work has remained pretty fit excellent the departed decade. South Korea imported excellent 3.1 million bbl/d of combined oil in 2010, and was the world's fifth prevalent loutish oil importer in 2010 at 2.4 million bbl/d. South Korea is water supply conditional on the Nasty East for its oil dispense, with the Persian Rupture priestly for roundabouts 75 percent of its 2010 combined oil imports. Saudi Arabia was the foremost service provider, and the source of over than a charge of combined oil imports. The consumer sector accounts for over than part of South Korea's oil end-use work, largely due to its sober petrochemical corporation.
Oil Imports by Leave South Korea
Part Feel
The Korea Territory Oil Dealing (KNOC) is the prevalent purpose in the country's upstream sector with a weekly production aptitude of 50 thousand bbl/d in 2009 at its distant production sites. KNOC has executed its explanation hatch to materialize voguish a top-50 oil corporation by 2012 with a production aptitude of 300 thousand bbl/d and 2 billion barrels of oil and gas reserves. KNOC has pursued this edge inoperative all acquisitions of distant companies as pleasingly as cooperative spirit with scale sophisticated and quarters oil companies.
Korea's downstream sector is home to a range of large sophisticated oil companies as well as SK Nation-state, the nation's prevalent Worldwide Oil Setting up (IOC). SK Nation-state has a state 34 percent fate of the petroleum product souk (with the exception of LPGs), followed by GS Caltex, S-Oil, and Hyundai Oilbank. These corporations carry historically paying special attention on decontamination, but a few carry put budding emphasis on loutish term projects in other countries. SK Nation-state anyway owns the prevalent heap in the Daehan Oil Whistle Dealing (DOPCO), which specially owns and manages Korea's oil pipelines, on the contrary supreme of the country's oil is circulated in tankers or pool trucks.
The Korea-Oil Producing Nations Discussion (KOPEX) was started in 2006 by the Korea Petroleum Link (KPA) to defend proper relatives with service provider nations and to come up with the money for technology training to producing nations in the downstream sector. The Ministry of Arrangement Penny-pinching has firm oil and gas neutrality targets for South Korean companies of 20 percent of all imports in 2012, and the law provides fiscal encourage to win bids inoperative the Separate Accounts for Nation-state and Resources (SAER), administered by KNOC, for encourage on hunt and production projects.
Reconnaissance AND Trumped-up story
In resentment of South Korea's like of recognizable oil reserves, new technologies carry unconstrained KNOC to go up investigating the largely unexplored Ulleung, Ashen, and Jeju Basins for achievable drilling sites. KNOC's family upstream replace fill in initial from natural gas production at the Donghae-1 gas save (see Young Gas part). While new discoveries influence deepen family oil forecast, distant hunt and production (E">
KNOC'S Domestic Reconnaissance BLOCKS
The Korean law has helped to advance inmost E">
KNOC's By and large Reconnaissance Projects
DOWNSTREAM AND Taming
According to Oil and Gas Official statement, South Korea had 2.7 million bbl/d of loutish oil decontamination aptitude at six services as of January 1, 2011. South Korea has the sixth prevalent decontamination aptitude in the world. The country's three prevalent refineries are owned by SK Nation-state, GS Caltex, and S-Oil, the subsequent of which is moderately owned by Saudi Aramco.
South Korea's Oil Refineries, as of January 1, 2011
* Owner Nature Capacity (barrels per day)
* SK Nation-state Corp. Ulsan 817,000
* GS Caltex Corp. Yeosu 750,000
* S-Oil Corp. Onsan 565,000
* Hyundai Oil Refinery Co. Daesan 310,000
* Hyundai Oil Refinery Co. Inchon 270,000
* Hyundai Lube Oil Busan 9,500
* Source:Oil ">
Korean refineries are ever more producing over light clean products as a result of refinery upgrades that carry active forward in in the nick of time living. The budding philosophy of the Korean decontamination souk is ability to intensification aptitude avail yourself of, which is otherwise quite steal for a few refineries. As a result, Korea is steady to care for a foremost refiner in its area, with sober exports to Porcelain, Singapore, and Indonesia. Korean refiners are plunder their ability in aptitude escalation and physique to other parts of the world as pleasingly, with curious oil companies, very in the Nasty East, compromise a range of scale Trade, Procurement, and Manufacture (EPC) contracts to Korean oil companies in the primary part of 2010.
South Korea is anyway a scale producer of petrochemicals with 7.3 million oodles per meeting of ethylene aptitude. Highest of the nation's petrochemical shrubbery are incorporated voguish overweight refineries such as Inchon, Ulsan, and Daesan. South Korea is home to the pull out prevalent aromatics production blackhead in the world, owned by GS Caltex. Appearance Korean refinery projects transfer S-Oil's physique of a new Benzene, Toluene, and Xylene (BTX) afforest value 1.2 billion, which insolvent cause in splendidly 2010.
OIL Adjunct AND Outlook
According to the Korea Nation-state Economics Establish, oil chi life history for smaller number than 40 percent of combined inventive energy work by 2012 due to an steady intensification in the use of natural gas and nuclear power. Further factors sad chronic extort transfer over difficult efficiency standards and a group of people that chi go up to fall in 2019. In acceptance to South Korea's new energy make, oil companies carry not in the past few minutes upgraded decontamination services and better upstream principal, but carry anyway begun investing in alternative energy projects. KNOC anyway diplomacy to intensification its oil inventories to 141 million barrels by 2013, with an added 101 million barrels to be invented by the law as sophisticated co-operative stocks.
Young GAS
South Korea relies on imports to make happy roundabouts all of its natural gas work, which has regarding doubled excellent the very last decade. Domestic gas production is minor, and accounts for smaller number than two percent of combined work. South Korea does not carry any sophisticated gas bring in exchanges, and essential like this trade all gas via LNG tankers. As a result, on the contrary South Korea is not among the populate of top gas-consuming nations, it is the second prevalent importer of LNG in the world in the wake of Japan.
Aid
South Korea not here 1.5 Trillion cubic feet (Tcf) of natural gas in 2010, which was an intensification of 25 percent from 2009, a meeting in which gas work declined trivially. This recession-driven decrease was initial the result of abridged extort from the electric power sector. The city gas guide - which serves urban, commercial, and consumer regulars - accounts for the majority (64 percent in 2009) of natural gas sales, when power generation companies life history for roundabouts all of the dregs.
Young Gas Aid South Korea
Part Feel
Korea Gas Dealing (KOGAS) dominates South Korea's gas sector, and the corporation is the prevalent pull out LNG importer in the world. In resentment of in the nick of time pains to liberalize the LNG trade souk, KOGAS maintains an muscular throttlehold excellent the purchasing, trade, and selling issue forth of natural gas. In addition to functioning three of Korea's four LNG receiving terminals, KOGAS owns and operates the 1,726-mile quarters bring in guide, and wholesales regasified LNG to power generation companies and inmost gas issue forth companies.
The Korean central point law is the prevalent KOGAS backer with 26.9 percent categorization equity, and an added oblique 24.5 percent via the Korean Thrilling Vigor Setting up (KEPCO). Korea has 30 inmost issue forth companies, but each has an first-class sales say-so fashionable a choosy area. These atypical companies direction selling gas from KOGAS at a government-approved reckon, and conduct gas to end-users. In the same way as June 2011, city gas companies carry been unconstrained to source gas bent from coal or refineries, as gas extort peaks in winters, when selling gas prices carry been park by the law to prop up end-users.
In the upstream, KOGAS has historically paying special attention initial on distant LNG liquefaction projects, when the Korea Territory Oil Dealing (KNOC) has handled supreme hunt and production-related schedule. As KOGAS seeks new opportunities for grow calm, its guidance on distant upstream schedule is budding.
Reconnaissance AND Trumped-up story
South Korea bent re 19 Bcf of natural gas (re 1.3 percent of work) in 2010 from the in the past few minutes family gas save in production, Donghae-1 in the Ulleung Bowl. The Korea Territory Oil Dealing (KNOC) chi start again production operations until 2018, subsequently the project chi be positive voguish an offshore take knack. Circumstances Gas Hydrate Test & Increase has conducted studies of deposits of methane hydrates in the Sea of Japan, and the law has in advance announced diplomacy to daybreak extracting methane hydrates from the sea by 2015.
As slap of the trudge to materialize voguish a international incorporated energy corporation, KOGAS is participating in distant E">
South Korea LNG Imports by destination
Twenty-three percent of fashionable regasification aptitude has been specially to the same degree 2005, and the law has developed a long item gas dispense and extort hatch in December 2010 which calls for expanding exchange of ideas and bring in issue forth relations, elected see into the future of gas resources with chronic LNG contracts, and increases in gas schedule take. In addition to in the nick of time escalation of exiting services, KOGAS is in this day and age constructing a new LNG receiving knack at Samcheok, on the Northwest coast. The primary expansion of 278 Bcf per meeting is slated for 2013 cessation. Additional equipment are steady to be met initial inoperative gas imported from Vladivostok, Russia as of in 2015. While the aligned 2008 KOGAS-Gazprom communication of charge indicated that the gas might be imported either as LNG or via bring in from Vladivostok, Russian and Korean leaders in the past few minutes supposed that the bring in physique chance chi supreme ability not be deemed financially feasible fading the cooperative spirit of North Korea.
ELECTRICITY
South Korea generated re 417 Billion Kilowatthours (BkWh) of net electricity in 2009. Of this echelon, 65 percent came from mutual thermal sources, 34 percent came from nuclear power, and state one percent came from renewable sources. While thermal aptitude is prevailing in Korea at excise, nuclear power is set to go forward excellent the bordering decade, tabled with sober principal in offshore wind farms.
South Korea Electricity Contemporaries
Part Feel
Beforehand to the rectification of Korea's electricity sector, the kingdom Korea Thrilling Vigor Dealing (KEPCO) dominated all aspects of electricity generation, buying, exchange of ideas, and issue forth. In 2001, KEPCO's generation house were spun off voguish six separate auxiliary power generation companies. While the experimental rectification included diplomacy to afterward dispossess KEPCO of these generation companies (with the exception of the Korea Hydro & Nuclear Vigor Setting up), the process was uninterruptedly overdue. In Revered of 2010, Korea's Ministry of Arrangement Penny-pinching announced that the law chi very stand categorization grasp of five of the six generation companies, but Korea Hydro ">
South Korea Coal Trumped-up story and Aid
Contemporaries Grow
South Korea generates the majority of its electricity from mutual thermal sources. According to the Korea Nation-state Economics Establish, in 2008 re 67 percent of thermal generation was coal-fired, 29 percent was natural gas-fired, and smaller number than 3 percent was oil-fired.
South Korea has the sixth-highest nuclear generation aptitude in the world. Its primary nuclear afforest was utter in 1978, and excellent the supporting three decades, South Korea directed sober resources towards budding its nuclear power corporation. Korea Hydro & Nuclear Vigor Co. in this day and age operates South Korea's four nuclear power stations, with 20 unique reactors. Fourteen added reactors are scheduled to be utter by 2024, with the edge of generating roundabouts part of the power dispense from nuclear sources. South Korea's law reaffirmed its nuclear stage management in mid-2011. Burgeoning as an sophisticated leader in nuclear technology, Korea is pursuing opportunities to export its technologies. In December of 2009, KEPCO won a 20 billion requisition to prominence four 1,400 megawatt nuclear reactors in the United Arab Emirates, the primary of which is steady to fit successful by 2017.
A renewable portfolio genre was conceded by the Territory Gathering of South Korea in 2010, which chi fit muscular in 2012 with a beginning renewable electricity measure of 2 percent of combined generation. Renewable sources care for a small fate of South Korea's electricity generation, with hydropower subconscious narrow to small dams on the Han Stream, and a 1 BKW pumped-storage knack at Yangyang, 120 miles from the funds of Seoul. The Korean law diplomacy to invest 8.2 billion voguish offshore wind farms in elegance to kind a wind aptitude of 2.5 BKW by 2019, from in the past few minutes 0.3 BKW in 2008.
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