Coal, Oil & Gas Archives | Be Korea-savvy

Archive by category Coal, Oil & Gas

South Korea Announces Measures to Bolster Struggling Petrochemical Sector Amid Global Supply Glut

South Korea Announces Measures to Bolster Struggling Petrochemical Sector Amid Global Supply Glut

SEOUL, Dec. 24 (Korea Bizwire) – South Korea’s government unveiled a set of measures on December 23 to enhance the competitiveness of its petrochemical industry, which has been grappling with a structural downturn fueled by global oversupply. Industry leaders welcomed the initiative, emphasizing the urgency of swift action to prevent a deeper crisis. Support for [...]

S. Korea Changes Rule on Resource Development amid East Sea Exploration

S. Korea Changes Rule on Resource Development amid East Sea Exploration

SEOUL, Dec. 24 (Korea Bizwire) — South Korea has revised a maritime resource development rule to offer more business predictability for investors in an ongoing project to search for oil and gas in the East Sea, the industry ministry said Tuesday. The revised enforcement decree on submarine mineral resources development was passed during a Cabinet [...]

Drillship for East Sea Gas Exploration Launches Operation

Drillship for East Sea Gas Exploration Launches Operation

SEOUL, Dec. 20 (Korea Bizwire) – A drillship participating in a major resource exploration project in the East Sea began its first drilling operation early Friday, the state-run oil company said, marking the full-fledged start of the search for an estimated 3.5 billion to 14 billion barrels of oil and gas. The announcement followed the [...]

Offshore Drilling in Pohang Sparks Fishermen’s Protests Amid Political and Financial Challenges

Offshore Drilling in Pohang Sparks Fishermen’s Protests Amid Political and Financial Challenges

SEOUL, Dec. 19 (Korea Bizwire) – South Korea’s ambitious “Blue Whale Project,” aimed at exploring oil and gas reserves off the coast of Pohang, is facing significant hurdles due to political turmoil, budget cuts, and opposition from local fishermen. The drilling vessel West Capella began operations on December 17, drilling 2 kilometers into the seabed at [...]

Drillship for East Sea Gas Exploration Arrives at First Drilling Site

Drillship for East Sea Gas Exploration Arrives at First Drilling Site

SEJONG, Dec. 17 (Korea Bizwire) — A drillship participating in a major gas and oil development project in the East Sea arrived at its first drilling site Tuesday, as it prepares to begin exploration operations amid growing uncertainties in the project due to domestic political situations, according to industry sources. The West Capella, operated by [...]

Gov’t Discusses Ways to Minimize Impact of Coal Plant Shutdowns

Gov’t Discusses Ways to Minimize Impact of Coal Plant Shutdowns

SEJONG, Dec. 10 (Korea Bizwire) – South Korea’s industry ministry held a meeting Tuesday with the nation’s five power generation firms to explore ways to use the infrastructure of coal plants slated for shutdown in line with the country’s green energy policy. The meeting came amid growing concerns that the closure of coal plants could [...]

South Korea Eyes U.S. Energy Imports Amid Trade Pressure and Middle Eastern Negotiations

South Korea Eyes U.S. Energy Imports Amid Trade Pressure and Middle Eastern Negotiations

SEOUL, Nov. 24 (Korea Bizwire) – As former U.S. President Donald Trump positions for the return to the White House, South Korea is considering expanding its purchase of American energy as part of its strategy to manage trade pressures from the U.S. This move is also expected to strengthen South Korea’s negotiating power with its traditional [...]

SK Innovation, SK E&S Launch Integrated Energy Behemoth following Merger

SK Innovation, SK E&S Launch Integrated Energy Behemoth following Merger

SEOUL, Nov. 1 (Korea Bizwire) — The merged entity of South Korean refiner SK Innovation Co. and its affiliate SK E&S Co. officially set sail Friday, becoming the largest private energy company in the Asia-Pacific region, the company said. The integrated company, named SK Innovation Co., has combined assets of 105 trillion won (US$76 billion) [...]