Oct 2017: Korea National Oil Corporation (KNOC) is looking to sell its only offshore drilling rig (semi-sub Doo Sung) to avoid maintenance and repair costs for the inactive unit. The rig, built in 1984, is warm-stacked and is valued at US$17mm (scrap value US$5mm).
No significant news in 2016.
Dec 2015: Demand for natural gas is expected to fall by 5% over the next 15 years as increased use of liquefied natural gas (LNG) by households and industry only partly offsets a steep fall in demand for power generation. Gas suppliers will also diversify with gas expected to come from 11 countries in 2029, up from 7 in 2014.
Oct 2015: Woodside Petroleum says the Hongge-1 exploration well was spudded in late September on Block 8 within the Ulleung Basin offshore the east coast.
Nov 2014: Kogas said its LNG imports in the first nine months of 2014 were down 9.7% compared to the same period in 2013 with domestic sales also dropping.
No significant news in 2013.
Oct 2012: Hallin Marine has commenced an ROV support and inspection contract at the offshore Donghae gas field. The field was discovered by Korea National Oil Corporation (KNOC) in the Sea of Japan in 1997. It came onstream in 2004 and has been estimated to hold recoverable reserves of 5.3 bcm of gas and 3.2 mm bbls of condensate.