South Korea starts domestic gas production

Nov 05, 2004 01:00 AM

South Korea has turned from a LNG importer to producer following the completion of an LNG production facility at its offshore Tonghae-1 gas field.
This will help South Korea save KRW1.25 bn ($ 1.1 mm) in LNG import bills, according to the Ministry of Commerce, Industry and Energy.

Located 58 km southeast of Ulsan, the Tonghae-1 gas field is owned and operated by state-owned Korea National Oil Corp. and holds 5 mm tons of LNG reserves. Pilot production started in July of this year.
Tonghae-1's output capacity of 400,000 tpy is equivalent to 2 % of South Korea's total demand and will produce for the next 15 years. Net profits are expected at $ 650 mm.

Source: Dow Jones
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