Natural gas is a fossil fuel majorly comprising of methane. As with other fossil fuels, it is formed deep beneath the earth’s surface due to the decomposition of dead plants and animals under extreme heat and pressures. Natural gas is cleaner than most other fossilized fuels. However, its calorific value is lower than the fossil fuels like petrol, diesel, and LPG.
SOUTH KOREA LIQUEFIED NATURAL GAS (LNG) MARKET
Natural gas is a fossil fuel majorly comprising of methane. As with other fossil fuels, it is formed deep beneath the earth’s surface due to the decomposition of dead plants and animals under extreme heat and pressures. Natural gas is cleaner than most other fossilized fuels. However, its calorific value is lower than the fossil fuels like petrol, diesel, and LPG.
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South Korea has been ranked among the world’s top five importers of LNG (Liquefied Natural Gas), coal, and total petroleum liquids. Also, the country does not have international oil or natural gas pipelines and relies exclusively on shipments through tankers of LNG and crude oil.
Also, South Korea is considered one of the topmost destinations for the U.S. LNG. The contracts for U.S. LNG offer a competitive advantage regarding flexibility in terms of destinations and prices. Besides, the U.S. LNG export project developers have been quite strategically positioned as the preferred suppliers of LNG to help meet South Korea’s energy fuel needs for city gas and power generation.
Further, South Korea’s energy intensity has been high, given the large proportion of highly energy-intensive industries. The country lacks substantial energy in natural resources. It depends more on imports of energy commodity sources to meet about 95% of the ongoing fossil fuel energy requirements. This further contributes to making it the world’s largest importer of energy resources like LNG.
Moreover, the LNG consumption and imports of South Korea are expected to remain steady, as per the ongoing efforts of the South Korean government. This will help shift focus from coal and nuclear power as key sources of energy. However, there are certain areas where transportation using pipelines is not possible, and thus, liquefying natural gas is a way through which transportation is done cost-effectively. When natural gas is cooled to about -260 degrees Fahrenheit to form Liquefied Natural Gas, i.e., LNG. The volume reduction is 600 times the original.
Furthermore, South Korea houses some of the largest and most advanced oil refineries in the world. To improve the security over the nation’s energy, companies associated with oil and natural gas have been diligently seeking overseas exploration and production opportunities. Also, the total proved reserves of the country as of 2020 are 0.07 trillion cubic meters.
Since LNG is highly flammable and major exporting takes place through the sea route, many regulations need to be followed by the industry players. Key regulatory authorities that govern the LNG industry in the country are UGBA, Ministry of Trade, Industry and Energy (MoTIE), and Korea Gas Safety Corporation (KGSC).
The top LNG companies in the country are KOGAS (Korea Gas Corporation), Shell, SK E&S, and Korea Midland Power (KOMIPO).
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- SOUTH KOREA LNG MARKET: EXECUTIVE SUMMARY
- SOUTH KOREA OVERALL ECONOMIC CONDITIONS
- SOUTH KOREA PRIMARY ENERGY CONSUMPTION
- NATURAL GAS
- SOUTH KOREA NATURAL GAS TOTAL PROVED RESERVES, PRODUCTION, AND CONSUMPTION
- TOTAL PROVED RESERVES
- NATURAL GAS PRODUCTION
- NATURAL GAS CONSUMPTION
- SOUTH KOREA NATURAL GAS TOTAL PROVED RESERVES, PRODUCTION, AND CONSUMPTION
- LIQUIFIED NATURAL GAS (LNG)
- VALUE CHAIN ANALYSIS
- EXPLORATION AND PRODUCTION
- LIQUEFACTION
- SHIPPING
- STORAGE AND REGASIFICATION
- END-USERS
- TRADE
- EXPORTS
- IMPORTS
- LNG TERMINALS
- LIST OF LNG IMPORT TERMINALS
- REGULATORY FRAMEWORK FOR LNG
- VALUE CHAIN ANALYSIS
LIST OF TABLES
TABLE 1: SOUTH KOREA NATURAL GAS TOTAL PROVED RESERVES, 2000, 2010, AND 2020 (IN TRILLION CUBIC METERS)
TABLE 2: SOUTH KOREA NATURAL GAS PRODUCTION, 2016-2020 (IN EXAJOULES)
TABLE 3: SOUTH KOREA NATURAL GAS CONSUMPTION, 2016-2020 (IN EXAJOULES)
TABLE 4: SOUTH KOREA LNG EXPORTS, 2016-2020 (IN BILLION CUBIC METERS)
TABLE 5: SOUTH KOREA LNG IMPORTS, 2016-2020 (IN BILLION CUBIC METERS)
TABLE 6: LNG IMPORT TERMINALS, EXISTING
TABLE 7: LNG IMPORT TERMINALS, NOT YET BUILT
TABLE 8: REGULATORY FRAMEWORK
LIST OF FIGURES
FIGURE 1: SOUTH KOREA GROSS DOMESTIC PRODUCT, 2016-2020 ($ BILLION)
FIGURE 2: PRIMARY ENERGY CONSUMPTION, BY FUEL TYPES, 2019 & 2020 (IN %)
FIGURE 3: PRIMARY ENERGY CONSUMPTION, 2016-2020 (EXAJOULES)
FIGURE 4: SOUTH KOREA NATURAL GAS PRODUCTION VS CONSUMPTION, 2016-2020 (IN EXAJOULES)
FIGURE 5: VALUE CHAIN ANALYSIS
SOUTH KOREA GROSS DOMESTIC PRODUCT, 2016-2020, ($ BILLION)
GDP (constant 2010 US$)
Source: World Bank
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