BMI View: South Korea will continue to remain a major global refining powerhouse due to a highly complex and sophisticated refining industry, though export volumes will co me under pressure in the long term due to falling utilisation rates and growing competition in the exports market. The country is also the world's second largest consumer of LNG, though import volumes are poised to record consistent yearly declines over the coming decade on greater fuel source diversification (towards coal, nuclear and renewables energy) hit gas consumption for electricity generation.
|f = BMI forecast. Source: KNOC, BMI|
|Crude, NGPL & other liquids prod, 000b/d||20.0||21.6||13.0||7.8||3.9||1.9||0.0|
|Refined products production, 000b/d||2,821.1||3,068.6||3,099.3||3,130.3||3,145.9||3,177.4||3,193.3|
|Refined products consumption & ethanol, 000b/d||2,259.4||2,351.2||2,492.5||2,567.9||2,619.8||2,646.6||2,655.2|
|Dry natural gas production, bcm||0.3||0.2||0.1||0.1||0.0||0.0||0.0|
|Dry natural gas consumption, bcm||51.1||45.7||45.2||44.8||44.3||43.9||43.7|
Latest Updates And Key Forecasts
South Korea's crude imports hit a multi-month high in September 2016, as refiners boosted runs to capture strong domestic and regional demand for automotive fuels, petrochemicals and lubricants. South Korea imported a total of 802.0mn bbl of crude oil in M916, up 4.8% on year.
Crude imports from Iran have more than doubled in y-o-y terms, since the removal of international sanctions on the Middle Eastern country in January 2016.
LNG imports are set to see consistent decline over the next 10 years, on greater fuel source diversification in the power sector. August LNG imports fell 7.4% on year, while total LNG imports over M816 is also down by 5.0%.
Consumption mix will increasingly shift in favour of lighter-distillates and petrochemicals products, leading heavier-grade fuels such as residual fuel oil as a share of total consumption to fall over the coming 10 years.
The South Korea Oil & Gas Report has been researched at source and features BMI Research's independent forecasts for South Korea including major indicators for oil, gas and LNG, covering all major indicators including reserves, production, consumption, refining capacity, prices, export volumes and values. The report includes full analysis of industry trends and prospects, national and multinational companies and changes in the regulatory environment.
BMI's South Korea Oil & Gas Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and competitive intelligence on the Korean oil and gas industry.
- Benchmark BMI's independent oil and gas industry forecasts for South Korea to test consensus views - a key input for successful budgeting and strategic business planning in the Korean oil and gas market.
- Target business opportunities and risks in the Korean oil and gas sector through reviews of latest industry trends, regulatory changes and major deals, projects and investments in South Korea.
- Assess the activities, strategy and market position of your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity) and Competitive Landscape Tables.
BMI Industry View
Summary of BMI’s key forecasts and industry analysis, covering oil and gas reserves, supply, demand and refining, plus analysis of landmark company developments and key changes in the regulatory environment.
Industry SWOT Analysis
Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the upstream and downstream sectors and within the broader political, economic and business environment.
BMI Industry Forecasts
Historic data series and forecasts to end-2024 for all key industry indicators, supported by explicit assumptions, plus analysis of key downside risks to the main forecast:
- Pricing: Oil price (USD/bbl, WTI, Brent, OPEC basket, Urals); oil products prices (unleaded gasoline, gasoil/diesel, jet/kerosene – USD/bbl) at global hubs.
- Production, Consumption, Capacity & Reserves: Proven oil reserves (bn barrels), production, consumption, refinery capacity and throughputs (‘000b/d); proven gas reserves (tcm), production and consumption (bcm) and fuels trade.
- Imports & Exports: Crude oil exports/imports (‘000s b/d) and value of crude oil trade in USD. Fuels exports/imports (‘000s b/d) and value of fuels trade in USD. Natural gas imports/exports (bcm), by pipeline and/or LNG, and value of natural gas trade.
BMI’s Oil & Gas Risk Reward Index
BMI’s Risk Reward Indices provide investors (independents, NOCs, IOCs, oil services companies) looking for opportunities in the region with a clear country-comparative assessment of the upstream and downstream market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry, economic and demographic data points to provide indices of highest to lowest appeal to investors, with each position explained.
A profile of the upstream and downstream sectors, including analysis of reserves, output, consumption and trade of energy products; overview of the industry landscape and key players; assessment of the business operating environment and the latest regulatory developments.
Comparative company analyses by USD sales, % share of total sales, number of employees, year established, ownership structure, oil production (‘000b/d), gas production (bcm), downstream capacity (‘000b/d) and % market share.
Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI’s industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape to generate Company SWOT analyses. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.
Regional perspective on size and value of the industry. Plus comparative rankings by production, refining, imports and exports of oil, gas and LNG.
Global Oil Market & Oil Products Outlook
Based on our country coverage of over 99% of global oil and gas production and consumption, BMI provides demand, supply and price forecasts to end-2024 for oil, gas and oil products.
The Oil & gas Reports draw on an extensive network of primary sources, such as multilateral organisations, government departments, industry associations, chambers and company reports.
*Company profiles are not available for every country. Those reports instead contain information on the current activities of prominent companies operating in the market.