BMI View: While there are efforts to stimulate upstream oil and gas activity, there is little to suggest that South Korea can develop significant resources, meaning the country is set to remain a key importer of crude and natural gas in liquefied form. Meanwhile the government is planning initiatives aimed at reducing oil and LNG consumption, though a safety scandal in the nuclear industry is driving demand of LNG imports to cover for lost power generation over the short term. The main trends and developments we highlight for the South Korean oil and gas sector are: ? The impact of …
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