• 17 hours Saudi Fund Buys Stake in Hollywood Talent Agency
  • 22 hours Putin Is A New Russian Stalin - Victory For The Next 6 Years
  • 4 days Is $71 As Good As It Gets For Oil Bulls This Year?
  • 17 hours G20 Rejects Calls for Cryptocurrency Regulation
  • 13 hours Country With Biggest Oil Reserves Biggest Threat to World Economy
  • 14 hours Trump Bans Venezuelan National Cryptocurrency
  • 8 hours Self-Driving Cars' First Fatality
  • 16 hours Volkswagen To Announce $340 Million Tennessee Investment To Build New SUV For U.S. Market
  • 17 hours Africa Is The New Land Of Opportunity For Investors
  • 4 days HAPPY RIG COUNT DAY!!
  • 4 days Russian hackers targeted American energy grid
  • 21 hours Miners against Government: Largest Miners In Congo Quit Chamber Of Commerce Amid Growing Tax Dispute
  • 13 hours Is Trump Harming Oil Industry?
  • 4 days Spotify to file $1 billion IPO
  • 13 hours Tillerson just sacked ... how will market react?
  • 4 days Oil Boom Will Help Ghana To Be One Of The Fastest Growing¨Economies By 2018!
The Oil Crisis That Can’t Be Stopped

The Oil Crisis That Can’t Be Stopped

Venezuela’s oil production is continuing…

Russia Could Pull The Plug On The OPEC Deal

Russia Could Pull The Plug On The OPEC Deal

Russia may leave the OPEC…

South Korea Considers Upping Its Investments In U.S. Oil, Gas

Korean energy minister

In a somewhat rare post-U.S. election demonstration of practical thinking, South Korea’s deputy Energy Minister Woo Tae-hee advised private energy businesses in the country to invest more in U.S. oil and gas exploration projects.

In a speech that was to be delivered at a Seoul event, Tae-hee explained that the Trump presidency will greatly increase the uncertainly in global energy markets, and in order to minimize the adverse effects of this heightened uncertainty, South Korean businesses would do well to up their spending on exploration in the shale patch, as output from US shale is expected to rise under the new regime.

President-elect Trump has indeed made many statements to the tune of the U.S. leaving the Paris Agreement on fighting climate change and cutting oil imports to make the country energy independent. Trump has also pledged to help the oil and gas industry get back on its feet and bring back coal from exile.

All these statements suggest that the green policies of Obama’s administration may be reversed, and thus, “substantial changes in domestic and global energy markets are inevitable,” as Tae-hee points out in his speech, seen by Reuters.

As an example of good thinking in this respect, the deputy minister praised a 20-year gas supply deal between Korea Gas Corp and Cheniere Energy, which was sealed back in 2012. The deal should see Kogas receive Cheniere LNG shipments to the tune of 2.8 million tons a year beginning in 2017.

Tae-hee also noted in his speech that not all was not lost in renewables, adding that South Korean companies should seek cooperation with U.S. clean energy developers and producers. The Asian state earlier this year pledged US$37 billion for expanding renewable energy use and boosting the industry by 2020.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News