Seoul-South Korea changes energy resource strategy from buying new assets to developing existing ones, as parliament slashed the 2016 state budget for overseas oil and gas development. The National Assembly cut 2016 state spending for overseas energy development to Won 120 billion ($102 million), down 69% from Won 387.6 billion in 2015, according to an official at the Ministry of Trade, Industry and Energy. The state budget for 2016 is just 18% of the Won 667.3 billion the government spent in 2014.
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