Central & SE Asia / Australasia

South Korea flag
Summary | Profile

Country profile: South Korea

Location: Eastern Asia, southern half of the Korean Peninsula bordering the Sea of Japan and the Yellow Sea
Climate: temperate, with rainfall heavier in summer than winter
Terrain: mostly hills and mountains; wide coastal plains in west and south
Size: 98480 sq. km total (Land area: 98190 sq. km  Water area: 290 sq.km)
Population: 49,232,844 (July 2008 est.)
Languages: Korean, English widely taught in junior high and high school
Government: republic
Capital city: Seoul
Legal system: combines elements of continental European civil law systems, Anglo-American law, and Chinese classical thought; has not accepted compulsory ICJ jurisdiction
Currency: South Korean won (KRW)

Country profile

With limited domestic energy resources, South Korea is almost entirely dependent on imports to meet its energy consumption needs. South Korea is the fifth-largest net importer of oil in the world, and a significant importer of liquefied natural gas (LNG). Oil makes up the greatest share of South Korea's total energy consumption, though its share has been declining gradually in recent years. Oil supplied 50 percent of South Korea’s total energy consumption in 2004, compared with 65 percent in 1994. This decline in oil’s share in consumption reflects faster growth in natural gas and to a lesser extent coal over the period.

Coal is South Korea’s second-largest source, supplying 24 percent of primary energy consumption needs in 2004, followed by modest contributions from nuclear power (14 percent) and natural gas (12 percent). Hydropower and other renewable energy sources make up a small fraction of South Korea’s total energy consumption mix.

Energy production and consumption

Oil Gas
Production: 17,050 bbl/day (2005) 1 billion cu m (2006)
Consumption: 2 million bbl/day (2005) 34 billion cu m (2006)
Exports:   2,450 cu m (2006)
Imports: 2 million bbl/day (2004) 35 billion cu m (2006)
Major fields:

South Korea - recent news

21 May 24
South Korea: Seatrium clinches Favoured Customer Contract for LNG carrier repairs and upgrades from Hyundai LNG Shipping
Seatrium has successfully clinched a Favoured Customer Contract (FCC) with Hyundai LNG Shipping, marking its first long-term strategic partnership agreement with a leading Korean Liquefied Natural Gas (LNG) company for the repairs and upgrades of its LNG carriers. The contract includes the refit of a series of LNG carriers over the next two years.
08 Apr 24
South Korea: Korea: RWE awarded Electricity Business Licence for the development of Seohae offshore wind farm
RWE has been awarded a 495-megawatt (MW) Electricity Business Licence (EBL) by the Ministry of Trade, Industry & Energy of Korea to develop the Seohae offshore wind project, located approximately 45 kms off the coast of Taean County in South Korea’s Chungcheongnam Province.
01 Apr 24
South Korea: Vestas secures 77 MW order in South Korea
Vestas has secured a 77 MW order with GS E&R for the YD1 Wind Farm in Gyeongsang-do, South Korea. Delivery of the turbines will begin in first quarter of 2025, with commissioning scheduled for 2026.
27 Feb 24
South Korea: Ørsted and Incheon City sign MoU to establish world-class offshore wind power industry in Korea’s Incheon region
Ørsted has signed an MoU with Incheon Metropolitan City, Korea, to cooperate on developing a world-class offshore wind power industry in the region. The aim of the agreement is to establish a successful local wind power industry driven by Ørsted’s 1.6 GW offshore wind project off the coast of Incheon.
29 Dec 23
South Korea: Vestas selected as preferred supplier for the 390 MW Shinan Ui offshore wind project in South Korea
Vestas has signed a preferred supplier agreement with Hanwha Corporation E&C Division for the 390 MW Shinan Ui offshore wind project in Shinan County, South Jeolla Province, South Korea.

South Korea - more news

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