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According to a French news report, the Ministry of Commerce, Energy and Industry yesterday declared that South Korea was looking to secure LNG supplies from this region as it competes with energy-hungry neighbours India and China.
South Korea is currently the world's second-largest importer of LNG and the fifth-largest buyer of oil imports.
Woodside Petroleum, which recently returned from a visit to the country, is the operator and 50% stakeholder of the proposed Browse LNG project.
Inpex also has a similar development planned for the region, but would most likely be looking to secure export deals in its home country, Japan, which overshadows South Korea as the world’s largest LNG importer.
Woodside’s Browse project would be expected to produce between 7 million and 14 million tonnes a year. BHP Billiton, BP, Chevron and Shell also have stakes in Browse.
