South Korea Oil & Gas Report

Providing expert analysis, independent forecasts and competitive intelligence on the oil and gas industry.

Report includes: BMI Industry View, Industry SWOT Analysis, Industry Forecasts, BMI's Oil & Gas Risk Reward Index, Market Summary, Economic Forecasts, Company Profiles, Competitive Landscape and Global and Regional Overview.

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South Korea Oil & Gas Report
Product Price
$1,295.00

BMI View: Even as we expect the current lower oil price environment to continue to support refining margins and lower crude feedstock costs, the slowdown in demand in South Korea's major refined fuels exports markets, notably China, will keep a lid on exports growth over the next decade. We also note that while South Korea will remain a sizable net importer of LNG through to 2024, muted economic growth and energy diversification in the power sector will see the country's import requirements gradually trend downwards over the long-term.

Headline O&G Forecasts (South Korea 2013-2019)
2013 2014e 2015f 2016f 2017f 2018f 2019f
e/f = BMI estimate/forecast. Source: KNOC, EIA, BMI
Crude, NGPL & other liquids prod, 000b/d 20.0 20.0 19.6 19.2 18.8 18.4 18.4
Dry natural gas production, bcm 0.5 0.4 0.2 0.1 0.1 0.0 0.0
Dry natural gas consumption, bcm 52.6 47.8 47.0 46.3 45.1 44.2 43.3
Refined products production, 000b/d 2,590.8 2,821.1 2,849.3 2,877.8 2,906.6 2,921.1 2,950.3
Refined products consumption & ethanol, 000b/d 2,331.5 2,259.9 2,267.6 2,275.5 2,283.4 2,291.3 2,299.0
Brent, USD/bbl 108.70 99.50 55.00 54.00 53.00 60.00 64.00

Latest Updates And Key Forecasts

  • South Korea's large refining sector will keep its crude oil imports elevated over the next decade, helping it to maintain its position as the world's fifth largest crude oil importer.

  • The Middle East will remain the country's largest supplier of crude oil, though the government is actively trying to diversify its crude sources. In fact, the country plans to provide freight incentives to non-Middle Eastern crude shipments from 2016. This will provide greater opportunities for suppliers in Europe, Africa and the Americas.

  • Asia will remain South Korea's largest refined fuels export market, accounting for about 87% of the country's total fuels exports in 2014.

  • The country will continue to import large amounts of LNG through to 2024, though we anticipate a gradual decline in its gas import requirements as subdued economic growth and energy diversification, especially in the power sector, keep a lid on domestic gas consumption growth.

BMI Industry View
7
Table: Headline O&G Forecasts (South Korea 2013-2019)
7
Latest Updates And Key Forecasts
7
SWOT
8
Oil & Gas SWOT
8
Industry Forecast
9
Upstream Exploration
9
Latest Updates
9
Structural Trends
9
Table: Proven Oil and Gas Reserves (South Korea 2013-2018)
10
Table: Proven Oil and Gas Reserves (South Korea 2019-2024)
10
Upstream Projects
11
Table: South Korea - Key Upstream Projects
11
Upstream Production - Oil
12
Latest Updates
12
Structural Trends
12
Table: Oil Production (South Korea 2013-2018)
13
Table: Oil Production (South Korea 2019-2024)
13
Upstream Production - Gas
14
Latest Updates
14
Structural Trends
14
Table: Gas Production (South Korea 2013-2018)
14
Table: Gas Production (South Korea 2019-2024)
15
Refining
16
Latest Updates
16
Structural Trends
16
Table: Refining Capacity and Refined Products Production (South Korea 2013-2018)
18
Table: Refining Capacity and Refined Products Production (South Korea 2019-2024)
19
Refined Fuels Consumption
20
Latest Updates
20
Structural Trends
20
Table: Refined Products Consumption (South Korea 2013-2018)
22
Table: Refined Products Consumption (South Korea 2019-2024)
22
Gas Consumption
23
Latest Updates
23
Structural Trends
23
Table: Gas Consumption (South Korea 2013-2018)
24
Table: Gas Consumption (South Korea 2019-2024)
25
Trade - Oil
26
Crude Oil Trade Forecasts
26
Latest Updates
26
Structural Trends
26
Table: Crude Oil Net Exports (South Korea 2013-2018)
28
Table: Crude Oil Net Exports (South Korea 2019-2024)
29
Refined Oil Trade Forecasts
29
Latest Updates
29
Structural Trends
29
Table: Refined Fuels Net Exports (South Korea 2013-2018)
31
Table: Refined Fuels Net Exports (South Korea 2019-2024)
32
Trade - Gas (Pipeline And LNG)
33
Latest Updates
33
Structural Trends
33
Table: Gas Net Exports (South Korea 2013-2018)
35
Table: Gas Net Exports (South Korea 2019-2024)
36
Industry Risk Reward Index
37
Table: Asia: Upstream Risk/Reward Index
38
Table: Asia: Downstream Risk/Reward Index
40
South Korea - Oil & Gas Risk/Reward Index
43
South Korea Upstream Index - Overview
43
South Korea Upstream Index - Rewards
43
South Korea Upstream Index - Risks
43
South Korea Downstream Index - Overview
43
Market Overview
45
South Korea Energy Market Overview
45
Fiscal Regime
45
Table: Key Fiscal Indicators
45
Open Blocks
45
Table: Open Offshore Blocks
45
Oil And Gas Infrastructure
47
Oil Refineries
47
Table: Refineries In South Korea
47
Oil Storage
47
Table: Oil Storage Facilities In South Korea
48
LNG Terminals
48
Table: LNG Terminals In South Korea
48
Gas Storage
49
Table: Gas Storage Facilities In South Korea
49
Table: Gas Storage Facilities In South Korea Under Construction
49
Gas Pipelines
50
Table: Gas Distribution Pipelines In South Korea
50
Competitive Landscape
51
Competitive Landscape Summary
51
Table: Key Players - South Korean Oil & Gas Sector
53
Table: Key Upstream Players
53
Table: Key Downstream Players
53
Company Profile
54
Korea Gas (KOGAS)
54
Korea National Oil Corporation (KNOC)
59
SK Innovation
64
Other Summaries
70
Regional Overview
74
Asia - Weak Oil Prices Will Hit Region's Long-Term O&G Production
74
Glossary
85
Table: Glossary Of Terms
85
Methodology
87
Industry Forecast Methodology
87
Source
89
Risk/Reward Index Methodology
89
Table: Bmi's Oil & Gas Upstream Risk/Reward Index
91
Table: Weighting
92

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.

Key Benefits

  • 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.

Coverage

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.

Market Overview

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.

Competitive landscape

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.

Company Profiles*

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 Overview

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.

Sources

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.