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| Employees of Korea Gas Corp. (KOGAS) operate a drilling machine to extract natural gas in the waters off the Eastern African nation of Mozambique. / Courtesy of KOGAS |
By Lee Hyo-sik
Korea Gas Corp. (KOGAS) is considering importing natural gas from the United States and Iran to diversify its import sources away from the Middle East and Africa. It also plans to explore opportunities to acquire gas field stakes in the two countries.
"We will actively consider bringing natural gas from the U.S. as our supply contracts with Qatar and Oman are set to expire by 2025," a KOGAS official said. "We will carefully review prices, supply guarantees and other factors before making any decisions. KOGAS will strengthen its partnership with U.S. energy firms for the joint exploration and commercialization of natural gas."
During President Moon Jae-in's visit to the world's largest economy in June, KOGAS signed a memorandum of understanding with Exxon Mobile and other American energy companies.
The state-run enterprise also plans to expand its business in Iran in accordance with changing geopolitical conditions.
"Iran is rich in natural gas so we would like to work closely with both public and private energy companies there. But first we will weigh geopolitical risks associated with the Middle Eastern nation before making any business decisions," the official said.
Iran holds the world's largest gas reserves at 1,201 trillion cubic feet, followed by Russia with 1,140 and Qatar with 866.
Currently, KOGAS is involved in 24 natural gas exploration and development projects in 13 countries.
It holds a 10 percent stake in Mozambique's largest offshore field estimated to hold 85, or 1.92 billion tons of natural gas. The company also has stakes in multiple gas fields in Iraq, as well as jointly producing natural gas in waters off Myanmar with POSCO Daewoo.
It holds interests in gas fields in Oman and Qatar, bringing significant amounts of liquefied natural gas to Korea.
"KOGAS has been making every effort to secure a stable supply of natural gas to keep Asia's fourth-largest economy running smoothly," the official said. "Given that Korea depends on imports for most of its energy needs, it is a must for the country to pay greater attention to business opportunities in the area of natural resources development. We will continue to nurture talented manpower and bolster cooperation with construction and energy companies."
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