Companies / South Korea
South Korea Seeks 17bn Barrels Of Overseas Reserves
February 2007 | Industry NewsSouth Korea is aiming to acquire 17bn barrels of oil and gas reserves overseas in an attempt to secure supplies to meet growing demand. At present South Korea holds stakes in 14bn barrels of reserves worldwide. Oh Young-hoa, the country's Vice Commerce, Industry and Energy Minister announced the plan to increase reserves by a further 3bn barrels at a press conference outlining the government's goals for 2007. In his statement he said that the country was focusing on central Asian and southern African countries as the primary sources of additional reserves, and outlined plans to link exploration and development rights
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