Daewoo And STX To Blaze Trail In East-Coast Oil Hunt

摘要

BMI View: Although offshore oil and gas exploration in South Korea is expanding, the country will remain dependent on imported oil and LNG, making it vulnerable to market volatility. South Korea's Daewoo International and STX Energy have been awarded the right to explore in the central and southern section of Block 6-1 off the east coast of the Korean Peninsula, according to a statement from Ministry of Knowledge Economy. The companies are the frst two privately owned South Korean companies to win exploration rights in the country, refecting how eager the country is to reduce its dependence on oil and gas imports.