South Korea Oil & Gas Companies (2024 - 2029)

South Korea Oil & Gas Market Companies Summary

The oil and gas market in South Korea is anticipated to see growth, despite setbacks due to the Covid-19 pandemic. The demand for petrochemicals is expected to drive this market, with the downstream segment predicted to maintain its dominance due to the maturity of the sector and the increasing demand for refined products. However, the growth of the upstream sector is expected to be limited due to a lack of domestic reserves. The exploration and development of unexplored offshore acreage in South Korea presents a significant growth opportunity for the market in the forecast period. Several major players in the South Korean oil and gas market have announced plans for significant investments in the downstream sector, particularly in the refining and petrochemical industries. These investments are expected to drive the downstream segment significantly in the coming years. On the other hand, South Korea's dependence on gas imports to meet its fossil fuel consumption, combined with government efforts to reduce coal and nuclear consumption, is expected to drive the LNG-to-power segment and LNG imports. Large-scale LNG purchase contracts are anticipated to create a demand for additional LNG handling and transport infrastructure, further driving the midstream segment.