Boston, MA -- (SBWIRE) -- 06/06/2014 -- BMI View: While there are efforts to stimulate upstream oil and gas activity, there is little to suggest that South Korea can develop significant resources, meaning the country is set to remain a key importer of crude and liquefied natural gas (LNG) . Public aversion against nuclear is set to support LNG demand in South Korea, while oil demand could soften from 2020 on the back of rising fuel efficiency, particularly in the transport sector, and a switch to non-oil alternatives.

The main trends and developments we highlight for the South Korean oil and gas sector are:

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- South Korea joins other economies in East Asia - Japan, China and Taiwan - in the search for methane hydrates and the increasing research into its potential for commercial production. However, the more difficult challenge for methane hydrates is unlikely to be with its availability but with the technical difficulty and risks associated with the uncertainty of its geological impact.
- An improved outlook for the Korean economy, particularly for the shipping sector, will translate into higher oil demand. As such, between 2013 and 2018, we expect oil consumption to recover from 2.25mn barrels per day (b/d) in 2013 to 2.36mn b/d in 2018. However, beyond this period our forecast is for South Korea's oil consumption to slowly trend downward as a result of growing fuel efficiency and a switch non-oil alternatives.
- We do not expect further increases in South Korea's refining capacity beyond 2016, as poor refining margins from high crude oil prices and growing regional competition decrease the incentive for refining expansion. However, investments made to upgrade existing plants and the shifts in consumption patterns are likely to see a re-composition of products produced by South Korean plants
- Gas consumption, on the other hand, is set to continue to rise. This will be supported by economic growth, and the growing use of gas in the following sectors: power, petrochemicals, residential heating and...

The South Korea Oil & Gas Report has been researched at source and features Business Monitor International (BMI)'s independent forecasts for South Korea including major indicators for oil, gas and LNG, covering all major indicators including reserves, production, consumption, refining capacity, prices, export volumes and values. The report includes full analysis of industry trends and prospects, national and multinational companies and changes in the regulatory environment.

BMI's South Korea Oil & Gas Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and competitive intelligence on the Korean oil and gas industry.

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