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: 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.

Headline Forecasts (South Korea 2014-2020)
2014 2015 2016f 2017f 2018f 2019f 2020f
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
Brent, USD/bbl 99.50 53.60 45.50 55.00 68.00 65.00 67.00

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.

BMI Industry View
7
Table: Headline Forecasts (South Korea 2014-2020)
7
SWOT
8
Oil & Gas SWOT
8
Industry Forecast
10
Upstream Exploration
10
Latest Updates
10
Structural Trends
10
Table: Proven Oil and Gas Reserves (South Korea 2014-2019)
11
Table: Proven Oil and Gas Reserves (South Korea 2020-2025)
11
Upstream Projects
11
Table: South Korea - Key Upstream Projects
11
Upstream Production - Oil
13
Latest Updates
13
Structural Trends
13
Table: Oil Production (South Korea 2014-2019)
14
Table: Oil Production (South Korea 2020-2025)
14
Upstream Production - Gas
15
Latest Updates
15
Structural Trends
15
Table: Gas Production (South Korea 2014-2019)
15
Table: Gas Production (South Korea 2020-2025)
15
Refining
16
Latest Updates
16
Structural Trends
16
Table: Refining Capacity and Refined Products Production (South Korea 2014-2019)
18
Table: Refining Capacity and Refined Products Production (South Korea 2020-2025)
19
Refined Fuels Consumption
20
Latest Updates
20
Structural Trends
20
Table: Refined Products Consumption* (South Korea 2014-2019)
22
Table: Refined Products Consumption* (South Korea 2020-2025)
22
Gas Consumption
23
Latest Updates
23
Structural Trends
23
Table: Gas Consumption (South Korea 2014-2019)
26
Table: Gas Consumption (South Korea 2020-2025)
26
Trade - Oil
27
Crude Oil: Latest Updates
27
Crude Oil: Structural Trends
27
Table: Crude Oil Net Exports (South Korea 2014-2020)
29
Table: Crude Oil Net Exports (South Korea 2020-2025)
30
Refined Oil: Latest Updates
30
Refined Oil: Structural Trends
30
Table: Refined Fuels Net Exports (South Korea 2014-2019)
32
Table: Refined Fuels Net Exports (South Korea 2020-2025)
32
Trade - Gas (Pipeline And LNG)
33
Latest Updates
33
Structural Trends
33
Table: Gas Net Exports (South Korea 2014-2019)
35
Table: Gas Net Exports (South Korea 2020-2025)
36
Industry Risk/Reward Index
37
Asia - Risk/Reward Index
37
Table: Asia's Oil & Gas Risk/Reward Index
37
Table: Asia: Upstream Risk/Reward Index
40
Table: Asia: Downstream Risk/Reward Index
42
South Korea - Risk/Reward Index
44
Upstream Index
44
Downstream Index
44
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
Company Profile
53
KOGAS
53
Table: Major Current Assets
54
Table: KOGAS - Key Financial Data
54
KNOC
55
Table: Major Producing Assets
56
Table: KNOC - Key Financial Data
56
Regional Overview
57
Asia - Positive Gas Output Growth In Conflict With Bearish Oil Outlook
57
Glossary
64
Table: Glossary Of Terms
64
Methodology
66
Industry Forecast Methodology
66
Source
68
Risk/Reward Index Methodology
68
Table: Bmi's Oil & Gas Upstream Risk/Reward Index
70
Table: Weighting
71

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.