South Koreas increased acquisition activity for foreign energy assets has been given new impetus with the country setting new self-sufficiency targets.
Seoul has raised the countrys self-sufficiency target for crude and natural gas to 30pc of consumption by 2019, up from 9pc at the end of last year. The previous target was 18pc to be achieved by 2012.
The targets announced today by the ministry of knowledge economy, which handles energy policy, were part of a wider long-term plan to increase South Koreas equity output of natural resources to improve its energy security.
South Korean firms have already embarked on a more aggressive approach in their upstream acquisitions this year.
Last week alone saw three deals clinched by South Korean energy companies in the space of as many days.
Prominent among the latest acquisitions was state-owned oil firm KNOCs C$525mn ($518mn) purchase of Canadian oil and natural gas assets from US company Hunt Oil, along with state-owned gas firm Kogas joining the $16bn Gladstone LNG project in Australia by taking a 15pc stake.
source: APEC-VC Korea
