South Korea has decided to invest 8 trillion won in natural gas production plants and supply lines by 2024.
South Korean ministry of Knowledge Economy said that total natural gas consumption is estimated to grow 1.8 per cent per year on average until 2024 to 34 million tonnes.
South Korea is world's second Liquefied Natural Gas importer and fifth crude buyer. The country has made long term plans to increase production of oil, gas and six strategic minerals and new strategic minerals including lithium and rare earths as it aims to boost self-sufficiency.
South Korean government has urged the companies there to supply 30 per cent of the country's combined oil and gas imports from projects almost all overseas by 2019, up from 9 per cent in 2009.
The ministry added that it would continue to expand gas reserve facilities to keep pace with growing demand, Reuters reported.
South Korean ministry of Knowledge Economy said that total natural gas consumption is estimated to grow 1.8 per cent per year on average until 2024 to 34 million tonnes.
South Korea is world's second Liquefied Natural Gas importer and fifth crude buyer. The country has made long term plans to increase production of oil, gas and six strategic minerals and new strategic minerals including lithium and rare earths as it aims to boost self-sufficiency.
South Korean government has urged the companies there to supply 30 per cent of the country's combined oil and gas imports from projects almost all overseas by 2019, up from 9 per cent in 2009.
The ministry added that it would continue to expand gas reserve facilities to keep pace with growing demand, Reuters reported.
