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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  • Gain insight on emerging trends that could support, strengthen or disrupt your activities in the market
  • Get a full view of the competitive landscape to assess your market position
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South Korea Oil & Gas Report
Product Price
$1,295.00

BMI View: South Korea will remain a prominent player in the global fuels market, supported by a large and highly sophisticated refining and petrochemicals sectors. Nonetheless, a negligible upstream industry will render the country dependent on crude oil and natural gas imports from international suppliers throughout our forecast period to 2025.

Headline Forecasts (South Korea 2014-2020)
2014 2015e 2016f 2017f 2018f 2019f 2020f
e/f = BMI estimate/forecast. Source: KNOC, KOGAS, Bloomberg, EIA, BMI
Crude, NGPL & other liquids prod, 000b/d 20.0 19.6 19.2 18.8 18.5 18.5 18.1
Dry natural gas production, bcm 0.3 0.2 0.1 0.1 0.0 0.0 0.0
Dry natural gas consumption, bcm 49.7 42.7 42.3 41.9 41.4 41.0 40.8
Refined products production, 000b/d 2,821.1 3,068.6 2,945.9 2,916.4 2,901.8 2,887.3 2,872.9
Refined products consumption & ethanol, 000b/d 2,347.8 2,613.6 2,622.2 2,630.8 2,639.5 2,648.1 2,675.2
Brent, USD/bbl 99.50 53.60 46.50 57.00 62.00 65.00 71.00

Latest Updates & Key Forecasts

  • South Korea produced 576.1mn bbl of refined products (equivalent to 3.1mn b/d) over H116, a 5.0% increase y-o-y, as low fuels prices helped to boost consumption for certain fuels in the domestic and regional markets. In particular, gasoline demand growth in the Asian emerging economies helped to support South Korea's exports to these countries.

  • June crude imports were up 4.9% on year, on higher off-take from Iran and the commencement of new trades with Nigeria, Oman and Gabon.

  • Qatar retained its position as South Korea's top LNG supplier, accounting for more 50.0% of the market share in Jun 2016.

  • The country is targeting to provide LNG bunkering services to ships by 2017, starting with the city of Tongyeong. The effort is spearheaded by a consortium of 21 public-private firms.

BMI Industry View
7
Table: Headline Forecasts (South Korea 2014-2020)
7
Latest Updates And Key Forecasts
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
12
Table: South Korea - Key Upstream Projects
12
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)
18
Refined Fuels Consumption
19
Latest Updates
19
Structural Trends
19
Table: Refined Products Consumption* (South Korea 2014-2019)
21
Table: Refined Products Consumption* (South Korea 2020-2025)
21
Gas Consumption
22
Latest Updates
22
Structural Trends
22
Table: Gas Consumption (South Korea 2014-2019)
25
Table: Gas Consumption (South Korea 2020-2025)
25
Trade - Oil
26
Crude Oil Trade Outlook
26
Latest Updates
26
Structural Trends
26
Table: Crude Oil Net Exports (South Korea 2014-2019)
28
Table: Crude Oil Net Exports (South Korea 2020-2025)
29
Refined Oil Trade Outlook
29
Latest Updates
29
Structural Trends
29
Table: Refined Fuels Net Exports (South Korea 2014-2019)
31
Table: Refined Fuels Net Exports (South Korea 2020-2025)
31
Trade - Gas (Pipeline And LNG)
32
Latest Updates
32
Structural Trends
32
Table: Gas Net Exports (South Korea 2014-2019)
34
Table: Gas Net Exports (South Korea 2020-2025)
35
Industry Risk Reward Index
36
Asia - Risk/Reward Index
36
Table: Asia's Oil & Gas Risk/Reward Index
37
Upstream Risk/Reward Index: Production Cuts Reinforce Bearish Outlook
38
Table: Asia: Upstream Risk/Reward Index
39
Downstream Risk/Reward Index: Refinery Developments Lift Scores For Malaysia And The Philippines
40
Table: Asia: Downstream Risk/Reward Index
41
South Korea - Risk/Reward Index
42
Upstream Index - Overview
42
Upstream Index - Rewards
42
Upstream Index - Risks
42
Downstream Index - Overview
42
Market Overview
43
South Korea Energy Market Overview
43
Fiscal Regime
43
Table: Key Fiscal Indicators
43
Open Blocks
43
Table: Open Offshore Blocks
43
Oil And Gas Infrastructure
45
Oil Refineries
45
Table: Refineries In South Korea
45
Oil Storage
45
Table: Oil Storage Facilities In South Korea
46
LNG Terminals
46
Table: LNG Terminals In South Korea
46
Gas Storage
47
Table: Gas Storage Facilities In South Korea
47
Table: Gas Storage Facilities In South Korea Under Construction
47
Gas Pipelines
48
Table: Gas Distribution Pipelines In South Korea
48
Competitive Landscape
49
Competitive Landscape Summary
49
Table: Key Players - South Korean Oil & Gas Sector
50
Table: Key Downstream Players
50
Company Profile
51
KOGAS
51
Latest Updates
51
Table: Major Current Assets
52
Table: KOGAS - Key Financial Data
53
KNOC
54
Latest Updates
54
Table: Major Producing Assets
55
Table: KNOC - Key Financial Data
55
Regional Overview
56
Asia Regional Overview
56
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.