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

01 Sep 20
South Korea: Total and Macquarie partner to develop 2GW floating offshore wind portfolio in South Korea
Total and Macquarie’s Green Investment Group (GIG) have concluded a 50/50 partnership to develop a portfolio of 5 large floating offshore wind projects in South Korea with a potential cumulated capacity of more than 2 gigawatts (GW).
22 Oct 19
South Korea: Fugro enters the South Korean offshore wind farm market
Fugro has signed a Memorandum of Understanding (MOU) with Underwater Survey Technology 21 (UST21) in a move that opens up the South Korean offshore wind farm market.
11 Jul 19
South Korea: Equinor in consortium to develop floating offshore wind project in South Korea
Equinor, Korea National Oil Corporation (KNOC) and the Korean power company Korea East-West Power (EWP) have formed a consortium to develop the floating offshore wind project Donghae 1 off Ulsan in South Korea.
17 Feb 19
South Korea: KNOC and Equinor sign MOU to work jointly developing commercial floating wind
Korea National Oil Corporation (KNOC) and Equinor have signed a Memorandum of Understanding to jointly explore the opportunities to develop commercial floating offshore wind in South Korea.
14 Feb 19
South Korea: Chevron signs new gas agreement with GS Caltex
Chevron has announced the signing of a sales and purchase agreement with GS Caltex for the delivery of liquefied natural gas (LNG) to South Korea from Chevron’s global supply portfolio. Chevron has an existing LNG sales and purchase agreement with GS Caltex executed in 2009.

South Korea - more news

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