Jika Kamu Bermimpi 5 Hal Ini, Mungkin Artinya Jodoh Kamu Udah Dekat, Buktikan Saja

The Korea National Oil Corporation (KNOC) is a state-owned oil company and the largest entity in South Korea’s upstream oil and natural gas sector. Through acquisitions of overseas companies and investments with major international and national oil companies, KNOC produced 116,000 b/d of oil and about 170 billion cubic feet of natural gas in 2016 in its overseas operations. [18] South Korea’s downstream sector includes several large international oil companies including SK Energy, the nation’s largest international oil company (IOC). SK Energy is the largest marketer of petroleum products, followed by GS Caltex, S-Oil, and Hyundai Oilbank. These companies have historically focused on refining, but some have put increasing emphasis on crude oil extraction projects in other countries. SK Energy also owns the largest stake in the Daehan Oil Pipeline Corporation (DOPCO), which exclusively owns and manages South Korea’s oil pipelines, although most of the country’s oil is distributed by tankers or trucks. To compensate for the lack of domestic oil reserves and to secure more crude oil supplies, South Korea’s state–owned and private oil companies engage in many overseas exploration and production (E&P) projects. The South Korean government has provided financial support for the country’s upstream companies to win bids overseas on E&P projects through the Special Accounts for Energy and Resources (SAER), administered by KNOC. To reduce South Korea’s dependence on foreign energy imports, the Ministry of Trade, Industry and Energy (MOTIE) established self–sufficiency targets in oil and natural gas for South Korean energy companies based on their domestic and overseas production levels each year since 2008. These targets represented the percentage of the country’s oil and natural gas consumption that were to be met by South Korean companies’ overseas production, although, very little of South Korea’s overseas production has been shipped back to South Korea. KNOC has accumulated massive debt in the past decade because the company purchased several unprofitable assets in a high oil price environment, and the government reversed this energy policy. Since early 2013, South Korea’s energy policy has moved away from self–sufficiency targets to reduction of debt-to-equity ratios (total debt to total assets) of the key energy companies such as KNOC, Korea Gas Corporation (KOGAS), and Korea Electric Power Corporation (KEPCO). KNOC’s debt–to–equity ratio has climbed sharply in recent years to 529% in 2016 from 168% in 2012. [19] The government is considering restructuring KNOC and KOGAS, among other state–owned firms, to reduce debt and managerial inefficiencies. [20] Exploration and production South Korea has only one commercially producing oil field among its domestic basins under exploration (Ulleung Basin, Yellow Basin, and Jeju Basin). Discovered in 1998, Donghae–1, Block 6–1, in the Ulleung Basin, has total proved reserves of 3.2 million barrels of ultra-light crude oil (condensates). [21] Natural gas and associated condensate production from Donghae–1 began in 2004. On average, KNOC has produced less than 1,000 b/d of ultra–light crude oil (condensates) from the Donghae–1 natural gas field, representing a negligible portion of its total petroleum consumption of 2.7 million b/d. [22] Although new discoveries might improve domestic oil prospects, overseas exploration and production play an essential role in South Korea’s oil industry. The South Korean government has encouraged private E&P overseas through tax benefits and through the extension of credit lines to IOCs by the Korea Export–Import Bank. South Korea has also provided diplomatic aid in overseas negotiations. As of December 2017, KNOC has invested in 20 producing blocks and 7 fields under development or exploration in several countries. [23]

Natural gas South Korea is the third–largest importer of liquefied natural gas in the world behind Japan and China. South Korea relies on imports to satisfy almost all of its natural gas demand, which has nearly doubled over the past decade. Domestic natural gas production is negligible and accounts for less than 1% of total consumption. South Korea does not have any international natural gas pipeline connections and must import all natural gas via LNG tankers. As a result, although South Korea is not among the top natural gas-consuming nations, it is the third-largest importer of LNG in the world after Japan and China. Consumption South Korea consumed an estimated 1.7 trillion cubic feet (Tcf) of dry natural gas in 2017, more than double the amount in 2000 (Figure 7). For the past decade, power generation has required a growing share of South Korea’s natural gas supply. [32] Power generation companies accounted for about half of the natural gas sales in 2016. The industrial sector accounted for 17%, and the residential and commercial sectors accounted for about 30% of natural gas consumption. The transportation sector’s use of natural gas has grown over the past several years but still accounts for a small portion 3% of total natural gas consumption. Strong natural gas consumption growth between 2009 and 2013 was driven by electricity demand and economic growth. Natural gas consumption then fell by 16% between 2013 and 2015. Power generators increased the use of coal and nuclear power starting in 2014. Nuclear facilities returned to service following a shutdown in 2012 because of safety problems, and global coal prices plummeted and were lower than the price of imported natural gas. Industries also chose to burn more coal than natural gas based on cost competitiveness. Natural gas demand rebounded in 2016 and 2017 as a result of the government shutdown of nuclear plants following the Gyeongju earthquake in September 2016 and the recovery in the country’s manufacturing sector in 2017. South Korea’s energy ministry issued regulations to limit the use of coal-fired and oil-fired power plants and higher sulfur coal use starting in July 2018 to immediately reduce fine dust emissions. This cutback could make natural gas more competitive as a fuel source in the short term. [33] The South Korean government recently unveiled its long-term natural gas and electricity plans through 2031, which affirm the growth of natural gas through the forecast period, albeit at a much slower pace (less than 1% annually) than the average rate over the past decade. The country plans to reduce electric generation from coal and nuclear power to tackle air pollution, reduce environmental emissions, and manage concerns about nuclear safety issues. [34] However, natural gas in the power sector will compete with lower cost coal–fired generation facilities and new coal- and nuclear–based capacity under construction that will come online in the next few years. Natural gas remains a key source of lower–emitting fossil energy for the country, and, over the long run, key factors determining natural gas demand growth will be LNG market prices, deregulation of the LNG market in South Korea, and government policy. Figure 7. South Korea's natural gas consumption, 2000-17 Sector organization Korea Gas Corporation (KOGAS) dominates South Korea’s wholesale natural gas sector, and the company is the largest single LNG importer in the world. In addition to operating four of Korea’s six LNG receiving terminals, KOGAS owns and operates the national pipeline network. [35] Although the government has plans to liberalize the LNG import market by allowing other local importers to resell their LNG cargoes, KOGAS maintains an effective monopoly over the purchase, import, and wholesale distribution of natural gas. Currently, private companies are allowed to import LNG only if they use the natural gas for their own purposes and if the price does not exceed KOGAS’ long-term contract prices. In 2016, the government announced plans to deregulate this sector by 2025 and to allow private companies to import and resell LNG, essentially allowing them to compete with KOGAS. [36] The South Korean central government is the largest KOGAS shareholder, with 26.15% direct equity, a 20.47% share through the state–owned Korean Electric Power Company (KEPCO), and a 7.94% share from local governments. The remaining shares are privately owned. [37] South Korea has more than 30 private distribution companies, and each company has monopoly control in its region. These local companies purchase wholesale natural gas from KOGAS at a government–approved price, and then sell the natural gas to end users. [38] In the upstream sector, KOGAS has previously focused primarily on overseas LNG liquefaction projects, while the KNOC has handled most exploration- and production–related activities. However, as KOGAS seeks new opportunities for growth, its focus on overseas upstream activities has increased. As part of the effort to develop into a global integrated energy company and to secure more LNG from its own supplies, KOGAS has participated in E&P projects around the world and has invested in foreign natural gas companies with LNG supply. As of the end of 2017, KOGAS held investments in 24 projects, including exploration, production, LNG assets, and downstream facilities, in 13 countries. [39] KOGAS’s equity purchases of upstream and downstream projects overseas in the past decade and cost overruns from some of these projects have increased the company’s debt levels. At the end of 2017, KOGAS’ debt-to-equity ratio remained high at 356%. In response to the government’s pressure to reduce its debt–to–equity ratio, KOGAS may divest some stakes in its natural gas projects overseas. [40] Exploration and production South Korea produced only 12 billion cubic feet (Bcf) of domestic natural gas in 2017, down from a high of 19 Bcf in 2010. This production was from the Donghae–1 and Donghae–2 natural gas fields in the Ulleung Basin. KNOC plans to continue production operations of the fields until 2019, when the reserves are expected to be depleted. KNOC and Woodside Energy (Australia) are jointly exploring deepwater blocks of the offshore Ulleung Basin and began drilling in 2012. [42] Liquefied natural gas After China surpassed South Korea in LNG imports in 2017, South Korea now ranks as the third–largest global importer of LNG after Japan and China. In 2017, South Korea imported more than 1.9 Tcf of LNG, rebounding after a recent low of 1.6 Tcf in 2015. LNG imports rose 13% in 2017 because of an economic recovery, higher industrial output, more residential consumption, higher volumes from private sector LNG importing companies, and restocking inventory levels by KOGAS. [43] South Korea currently has six LNG regasification facilities with a peak capacity of 6.1 Tcf per year and an average estimated utilization rate of 35%. KOGAS operates four of these facilities (Pyongtaek, Incheon, Tong-Yeong, and Samcheok), accounting for about 97% of current capacity. The Samcheok terminal, located on the northwest coast, is KOGAS’s smallest terminal and was added in 2014. KOGAS is constructing a small terminal at Jeju Island and expects to commission almost 50 Bcf per year of capacity by 2019. South Korea is well–endowed with natural gas storage capacity at its LNG terminals, and KOGAS’ goal is to hold 20% of their natural gas demand in storage by 2029. [44] The first privately–owned regasification terminal in South Korea came online in 2005. Pohang Iron and Steel Corporation (POSCO) and K–Power jointly own the Gwangyang regasification facility located on the southern coast. A second privately owned regasification facility at Boryeong, located in the northwestern region, was brought online at the beginning of 2017 by a joint venture between GS Energy Corporation and SK E&S Company. The facility added about 145 Bcf to capacity. [45] Both of these privately owned terminals have very small capacities compared with the capacity owned by KOGAS. However, these private operators have been key contributors to the rise in Korean LNG imports in 2017, and their terminals operate at high utilization rates compared with the national average. Because of KOGAS’ monopoly power and high LNG resale prices, private industries have a greater incentive to invest in regasification capacity and purchase less expensive LNG on the global market. KOGAS purchases most of its LNG through long–term supply contracts, and the company uses spot cargos primarily to correct small market imbalances. Nearly half of 2017 LNG imports came from Qatar and Australia (Figure 8). Indonesia was South Korea’s first source of LNG and supplied more than half of South Korea’s LNG imports before 2000. As South Korea diversified its LNG imports to secure more sources of natural gas to meet its growing demand, Indonesia lost market share to other countries including Qatar, Oman, Nigeria, Russia, and Australia. Several South Korean firms own shares in liquefaction projects in the Middle East, Australia, Indonesia, and Canada and signed long-term purchase agreements for LNG coming online from new liquefaction projects in Australia and the United States. KOGAS and SK Energy hold flexible destination contracts, which allow the companies to resell volumes in the open market, with the Sabine Pass and Freeport liquefaction terminal projects in the Gulf Coast of the United States. Sabine Pass began operations in 2017, and Freeport LNG is expected to be online in 2019. [46] KOGAS also owns shares in upstream exploration and production assets in natural gas fields around the world including Canada, Iraq, and Southeast Asia. [47]

Spending on electricity distribution systems by major U.S. electric utilities—representing about 70% of total U.S. electric load—has risen 54% over the past two decades, from $31 billion to $51 billion annually. This increase has been largely driven by increases in capital investment. From 1996 to 2017, annual capital investment by these utilities for electric distribution systems nearly doubled, which was similar to increases in transmission investment over the same time period. Annual spending on customer expenses and operations and maintenance by these utilities also increased slightly. This information is based on reports to the Federal Energy Regulatory Commission (FERC) from major utilities. The electricity distribution system works to decrease voltage from high-power transmission lines and to deliver electricity to homes and businesses. Electric distribution spending is affected by the number of customers served, the amount of electricity sold, the number of miles of electric distribution wire installed (line miles), and the maximum amount of load on the lines at one time (peak load). Electric distribution system costs have been increasing faster than the growth of any of the other variables. Capital investment accounts for the largest share of distribution costs as utilities work to upgrade aging equipment. According to a 2015 U.S. Department of Energy report, 70% of power transformers are 25 years of age or older, 60% of circuit breakers are 30 years or older, and 70% of transmission lines are 25 years or older. Poles, wires, and substation transformers are being upgraded with advanced materials and new technology to better withstand extreme weather events, to allow easier frequency and voltage control during system emergencies, and to accommodate greater use of variable renewable generation (customer-sited wind and solar). Over the past decade, investment in overhead poles, wires, devices, and fixtures such as sensors, relays, and circuits has risen by 69%, and spending on substation transformers and other station equipment has increased by 35%. Investment in customer meters has more than doubled over the past decade as utilities have upgraded customer meters to smart meters that can be accessed remotely, communicate directly to utilities, and support smart consumption and pricing applications using real-time or near real-time electricity data. Customer-related expenses include advertising, reading meters, billing, and communicating with customers. Although expenses related to customer accounts and sales have decreased, spending on customer services and information systems has more than doubled over the past decade in an effort to better inform customers about outage locations and durations and to develop better customer outreach tools. Operations and maintenance (O&M) expenses have increased as electric distribution systems experience stress from several factors, including more customers, variable generation, and the effects of storms, wildfires, and flooding. Managing a grid with increasing amounts of customer-sited variable generation increases wear and tear on the distribution equipment required to maintain voltage and frequency within acceptable limits and to manage excessive heating of transformers during reverse power flow. According to FERC, the largest spending increases have occurred in the older, more populated systems, which include the Northeast Power Coordinating Council (New York City and Boston), Reliability First (Chicago, Detroit, Philadelphia, Baltimore-Washington, DC), and the Western Electricity Coordinating Council (Los Angeles, San Francisco).

South Korea relies on imports to meet about 98% of its fossil fuel consumption as a result of insufficient domestic resources. The country is one of the world’s leading energy importers. South Korea ranks among the world’s top five importers of liquefied natural gas (LNG), coal, crude oil, and refined products. [1] South Korea has no international oil or natural gas pipelines and relies exclusively on tanker shipments of LNG and crude oil. Despite its lack of domestic energy resources, South Korea is home to some of the largest and most advanced oil refineries in the world. In an effort to improve the nation’s energy security, oil and natural gas companies are aggressively seeking overseas exploration and production opportunities. South Korea was the world’s eighth-largest energy consumer in 2017, according to estimates from the BP Statistical Review of World Energy 2018. [2] South Korea’s highly developed economy drives its energy consumption, and economic growth is fueled by exports, most notably exports of electronics, semiconductors, and petrochemicals. The country also is home to one of the world“s top shipbuilding industries. Real gross domestic product (GDP) has edged up since 2015 to 3.1% in 2017 as demand for the country’s exports strengthened. [3] South Korea’s economy is heavily dependent on export markets, particularly within Asia. Exports in the region have increased over the past two years, which has boosted South Korea’s energy use. The country’s aging population is expected to dampen domestic energy demand and the overall economic landscape over the long term. [4] Although petroleum and other liquids, including biofuels, accounted for the largest portion (44%) of South Korea’s primary energy consumption in 2017, its share has been declining since the mid-1990s, when it reached a peak of 66%. [5] This trend is attributed to the steady increase in natural gas, coal, and nuclear energy consumption, which has reduced oil use in the power sector and the industrial sector. Higher vehicle efficiencies have also reduced oil consumption (Figure 2). Following Japan’s Fukushima disaster, South Korea’s problems with false safety certifications of nuclear parts in late 2012, and several earthquakes that have occurred over the past two years, the government scaled back its long–term plans to rely on nuclear power in its first basic energy plan in 2008 to its most recent power plan, the 8th Basic Plan for Electricity Supply and Demand, unveiled at the end of 2017. [6] In its most recent plan, South Korea is attempting to balance its fuel portfolio to meet high energy consumption, to moderate its nuclear power generation, to reduce greenhouse gas emissions and fine dust particle pollution, and to offset some fossil fuel imports. As part of this effort, the government is also promoting greater demand–side management, energy efficiency measures, and use of renewable energy.

Last Updated: July 16, 2018 (Notes) full report | Previous years Overview South Korea relies on imports to meet about 98% of its fossil fuel consumption as a result of insufficient domestic resources. The country is one of the world’s leading energy importers. South Korea ranks among the world’s top five importers of liquefied natural gas (LNG), coal, crude oil, and refined products. [1] South Korea has no international oil or natural gas pipelines and relies exclusively on tanker shipments of LNG and crude oil. Despite its lack of domestic energy resources, South Korea is home to some of the largest and most advanced oil refineries in the world. In an effort to improve the nation’s energy security, oil and natural gas companies are aggressively seeking overseas exploration and production opportunities. South Korea was the world’s eighth-largest energy consumer in 2017, according to estimates from the BP Statistical Review of World Energy 2018. [2] South Korea’s highly developed economy drives its energy consumption, and economic growth is fueled by exports, most notably exports of electronics, semiconductors, and petrochemicals. The country also is home to one of the world“s top shipbuilding industries. Real gross domestic product (GDP) has edged up since 2015 to 3.1% in 2017 as demand for the country’s exports strengthened. [3] South Korea’s economy is heavily dependent on export markets, particularly within Asia. Exports in the region have increased over the past two years, which has boosted South Korea’s energy use. The country’s aging population is expected to dampen domestic energy demand and the overall economic landscape over the long term. [4] Although petroleum and other liquids, including biofuels, accounted for the largest portion (44%) of South Korea’s primary energy consumption in 2017, its share has been declining since the mid-1990s, when it reached a peak of 66%. [5] This trend is attributed to the steady increase in natural gas, coal, and nuclear energy consumption, which has reduced oil use in the power sector and the industrial sector. Higher vehicle efficiencies have also reduced oil consumption (Figure 2). Following Japan’s Fukushima disaster, South Korea’s problems with false safety certifications of nuclear parts in late 2012, and several earthquakes that have occurred over the past two years, the government scaled back its long–term plans to rely on nuclear power in its first basic energy plan in 2008 to its most recent power plan, the 8th Basic Plan for Electricity Supply and Demand, unveiled at the end of 2017. [6] In its most recent plan, South Korea is attempting to balance its fuel portfolio to meet high energy consumption, to moderate its nuclear power generation, to reduce greenhouse gas emissions and fine dust particle pollution, and to offset some fossil fuel imports. As part of this effort, the government is also promoting greater demand–side management, energy efficiency measures, and use of renewable energy. Figure 1. Map of South Korea Map of South Korea Source: U.S. Department of State Figure 2. South Korea total primary energy consumption by fuel type, 2017 Petroleum and other liquids South Korea has a large oil refining sector, but the country relies almost entirely on crude oil imports to supply its refineries. Overview South Korea consumed 2.7 million barrels per day (b/d) of petroleum and other liquids in 2017, making it the eighth largest consumer in the world (Figure 3). South Korean oil demand rose by more than 300,000 b/d between 2014 and 2017 as a result of lower oil prices in the transportation sector, greater use of liquefied petroleum gas (LPG) and naphtha in the petrochemical sector, and higher heavy fuel oil consumption in the power sector that followed temporary nuclear-fired capacity shutdowns. According to the Korea National Oil Company (KNOC), South Korea has a small amount of domestic oil reserves, but the country relies almost entirely on crude oil imports to meet its demand. Virtually all of South Korea’s total petroleum and other liquids production of 97,000 b/d is from refinery processing gains, non–conventional liquids, and biofuels production. According to the Oil & Gas Journal (OGJ), 3 of the 10 largest crude oil refineries in the world are located in South Korea, making it one of Asia’s largest petroleum product exporters. [7] According to Facts Global Energy (FGE), South Korea exported an estimated 1.4 million b/d of refined oil products in 2017, mostly in the form of middle distillates such as gasoil, gasoline, and jet fuel. Oil product imports, nearly 0.9 million b/d in 2017, were primarily naphtha and LPG. [8] Because of increased oil demand in Asia during the past decade, South Korea’s exports of refined products have grown rapidly. The future growth rate of oil product exports will depend on demand from regional trading partners and on rising competition from new Asian refineries. South Korea’s oil consumption level has fluctuated with its economic growth, oil prices, and the status of its export markets. Oil consumption grew at a rapid pace with economic growth in the 1990s, but it fell following the Asian Financial Crisis of 1997. Oil consumption then rose steadily until 2007, but it dipped during the global economic downturn in 2008. Oil demand increased rapidly in 2015 and 2016 as a result of low oil prices, a temporary closure of some nuclear facilities following the Gyeongju earthquake in 2016, and new petrochemical facilities that became operational. [9] The pace of oil demand slowed in 2017 after oil prices rose, nuclear facilities returned to service, and liquefied petroleum gas demand moderated. Naphtha, which is used for the country’s sizeable petrochemical and industrial sectors, accounts for the largest share of total oil product demand (41%) and is a primary driver of domestic demand growth. [10] Naphtha demand and import growth were high in 2017 because the product replaced more expensive LPG imports and condensates. [11] Naphtha use is likely to continue expanding in South Korea as a result of capacity additions at ethylene plants and the rising demand for plastics within Asia. South Korea also uses LPG for its petrochemical industry, especially in propane dehydrogenation (PDH) plants and olefin facilities. LPG demand, which accounted for an estimated 12% of petroleum product demand in 2017, has risen after the addition of two large PDH plants in 2015 and 2016. [12] Although demand for LPG moderated in 2017, several Korean companies are upgrading their olefin plants to process LPG by 2019. [13] Lower oil prices in 2015 and 2016 spurred growth in transportation fuels, but South Korea’s oil demand growth outside of the petrochemical sector is limited in the long term because of the country’s declining population growth and aging demographics, greater energy efficiency measures, and competition from other fuels such as natural gas, coal, and nuclear power. In 2017, South Korea imported about 3 million b/d of crude oil and condensate, making it the fifth-largest importer in the world. South Korea is highly dependent on the Middle East for its oil supply, and the region accounted for more than 82% of South Korea’s 2017 crude oil imports. Saudi Arabia was the leading supplier and the source of 29% of South Korea’s imports, followed by Kuwait at 15% of total crude oil imports (Figure 4). However, to hedge against geopolitical risks and declining oil production from traditional sources in Asia, South Korea has diversified its imports and received more oil cargoes from other suppliers such as Russia, the United States, Mexico, and the United Kingdom over the past few years. South Korea reduced its share of crude oil imports from Iran from 10% in 2011 to 4% by 2015 to comply with sanctions imposed by the United States and Europe. The sanctions that resulted from Iran’s disputed nuclear program severely limited Iran’s sale of crude oil and condensate on the international market. Russia and other Middle Eastern suppliers, such as Iraq, Qatar, and the United Arab Emirates, made up for South Korea’s lost imports from Iran through 2015. When Western sanctions were lifted on Iranian oil exports and its financial sector in January 2016, South Korea began increasing shipments of primarily condensate from Iran. Shares of Iranian crude oil and condensate rebounded to 12% of South Korea’s imports by 2017. However, South Korea again reduced its imports from Iran in the first three months of 2018, partly because Iranian production temporarily declined. South Korea continues to seek other sources of global condensates as feedstock for its condensate splitters and petrochemical industry because the geopolitical climate with Iran remains tentative. [17]