Korea sets budget for oil and gas exploration

The Korean Ministry of Planning and Budget (MPB) plans to invest 263.2 bn won ($ 219.3 mm) in developing oil fields overseas this year, up 45 % on last year’s budget of 180.9 bn won.
The government will spend 82.1 bn won on a Tonghae mine lot, which is expected to contribute to the country’s natural gas supply from November this year. The mine is located on off the coast southeast from Ulsan. It is to provide natural gas to North Kyongsang Province for the next 15 years.

Another 31.5 bn has been allocated development of a Vietnamese mine, of which SK and Korea Gas Corporation jointly own a 23.5 % stake. The mine is expected to churn out 65,000 barrels crude everyday from November and contain 590 mm barrel in total.
The MPB plans to channel the remaining 149.6 bn won to help search for and develop other mines around the world. It plans to meet 10 % of the country’s consumption from the development project.