South Korea – Oil & Gas 360

Oil exploration firm: South Korea’s offshore prospects hold great potential

June 7, 2024

Oil Price The oil and gas exploration prospects offshore South Korea have great potential and a future discovery is “highly prospective,” according to the founder of a petroleum exploration firm that advises the Asian country’s government on the drilling potential off its east coast. South Korea’s President Yoon Suk Yeol endorsed earlier this week a plan for drilling off the east coast

South Korea to explore for potentially huge offshore oil and gas reserves

June 3, 2024

Oil Price South Korea’s President Yoon Suk Yeol endorsed on Monday a plan for drilling off the east coast of one of the world’s largest oil and gas importers, to explore what studies say are potentially vast resources of crude oil and natural gas. The area could contain 14 billion barrels of oil and gas, the president told a press

South Korea’s U.S. crude imports jump in September; no imports from Iran

October 14, 2019

Source: Reuters SEOUL (Reuters) – South Korea’s crude oil imports from the United States more than doubled in September, while its imports of Iranian oil remained zero for a fifth month in a row due to U.S. sanctions, customs data showed on Tuesday. U.S. crude oil imports were 1.62 million tonnes in September, or 395,190 barrels per day (bpd), compared

Oryx Midstream Lands $550 Million from Qatar Investment Authority - Oil & Gas 360

Qatar May be Losing the Top Spot as World’s Biggest LNG Exporter

August 23, 2019

From CNBC Qatar will lose its title as the world’s largest exporter of liquefied natural gas (LNG) within the next year, as Australia ramps up production on a slew of multi-billion dollar export projects. “Australia and Qatar continued to jostle for the title of the world’s largest LNG exporter over the first five months of 2019,” the Australian government said

Australia Poised to Become World’s Largest LNG Exporter

August 13, 2019

From The Houston Chronicle Within the next 12 months Australia is likely to surpass Qatar as the world’s largest exporter of liquefied natural gas, the Energy Information Administration is forecasting. Australian LNG capacity reached 11.4 billion cubic feet a day this year, more than four times what it was in 2011 and surpassing Qatar’s capacity. Australia “exported more LNG than

EIA: Saudi Arabia Has Been Exporting More Crude Oil to China, Less to the United States

July 24, 2019

From the EIA Saudi Arabia’s crude oil production approached a four-year low in May 2019, averaging an estimated 9.9 million barrels per day (b/d), more than 1 million b/d lower than its all-time high in November 2018. Production in Saudi Arabia dropped following a December 2018 agreement by members of the Organization of the Petroleum Exporting Countries (OPEC) to cut

Aramco to Collaborate With S-Oil on $6 Billion Steam Cracker - Oil & Gas 360

Saudi Aramco to Collaborate With S-Oil on $6 Billion Steam Cracker

June 26, 2019

By Tyler Losier, Energy Reporter, Oil & Gas 360 Inauguration of new facilities includes MoU to build new cracker by 2024 Saudi Aramco joined South Korea’s S-Oil this week to inaugurate the latter company’s new petrochemical facilities: the residue upgrading complex and olefin downstream complex. The new refineries have boosted S-Oil’s petrochemical portion from 8% to 13%, including the production

Saudi Aramco Signs 12 Agreements Worth Billions

June 26, 2019

By Tyler Losier, Energy Reporter, Oil & Gas 360 Aramco looks to expand its South Korean presence Saudi Aramco has signed a series of 12 different agreements with a variety of South Korean companies in order to expand its international operations and support the region’s energy security by providing Arabian crude to Asian markets. The agreements, which cover ship building,

South Korea Tests U.S. Super Light Oil as Iran Waiver Uncertainty Escalates: Reuters

April 8, 2019

From Reuters South Korea has begun testing super-light U.S. oil sold by Anadarko Petroleum Corp as a substitute for Iranian crude while it awaits word from Washington on whether it can keep buying oil from the Middle Eastern nation, sources said. South Korea is one of Iran’s biggest Asian customers and was one of eight importers that received waivers to

Oil Price Reached $74 This Week, But Double That Could Be on the Horizon

July 6, 2018

Despite the surprise moderate build in U.S. crude oil stockpiles, analysts are worried of an impending price spike to $150 or more. Prices Today Crude oil stocks rose by 1,245 MBBL last week to 417,881 MBBL from 416,636 MBBL. This is 17% below the 502,914 MBBL that was in storage at this point last year, and is 2% below the

South Korea Looks for Deal with Iran

August 24, 2015

Via Reuters: South Korean officials visit Iran to seek post-sanction deals SEOUL (Reuters) – South Korean government and corporate officials are visiting Iran this week to hunt out possible deals in the oil, gas and construction industries since an agreement was reached to lift sanctions on Tehran. Iran is targeting oil and gas projects worth $185 billion by 2020, after

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