S. Korea to Boost Overseas Crude, Gas Output by 33%
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South Korea, Asia’s fourth-largest crude importer, expects to increase production from oil and gas fields owned by its energy companies by 33 percent next year through the acquisition of overseas assets.
Production may rise to 409,000 barrels a day of oil equivalent next year from 308,000 barrels a day this year, the Ministry of Knowledge Economy said today in its 2011 policy plan. South Korea, which imports almost all its energy needs, shipped in 837.1 million barrels of crude and 25.8 million metric tons of gas in 2009.