South Korea, which imports almost all of its fuel needs, may seek to develop oil and gas fields in Venezuela to help stabilize its energy supply.
South Korean officials discussed the possibility of joining in a project to develop reserves in the Orinoco Belt with state oil company Petroleos de Venezuela SA, the South Korean Ministry of Knowledge Economy said yesterday in an e-mailed statement.
South Korean delegates including Vice Minister for Trade and Energy Lee Jae-hoon visited Venezuela last week.
South Korea is stepping up efforts along with China and Japan to own oil and gas fields as crude prices surge to records.
Oil doubled in the past year, touching a record US$139.89 a barrel last Monday.
Venezuela has the world’s third-largest proven crude-oil reserves.
National oil companies from countries including China, Vietnam and Iran are taking part in Venezuela’s project to quantify and certify reserves in the Orinoco region, which holds so-called heavy oil.
A South Korean consortium led by Korea National Oil Corp may bid to develop two Orinoco areas, Carabobo 1 and 4, the statement said.
Venezuela expects to certify more than 200 billion barrels of crude oil reserves in the Orinoco Magna Reserve project, the country’s energy and oil ministry said in October.
South Korea and Venezuela also agreed to sign a preliminary pact in the second half of this year to cooperate on natural gas extraction and to discuss the need for joint oil reserves, the statement said.
Separately, Posco, Asia’s third-largest steelmaker, may seek to build a 500,000 tonne stainless steel mill in Venezuela.
Posco met with the Venezuelan Deputy Minister of Basic Industries Jesus Paredes to discuss the possible construction of the mill and the two sides will meet again on the project next month, Paredes said in a statement on Saturday.
Posco spokeswoman Ko Min-jin didn’t answer a telephone call yesterday.
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