Korea Gas eyeing gas field stakes

Korea Gas Corporation is reportedly seeking to take stakes in gas fields in Australia, Oman, Papua New Guinea and Nigeria to ensure stable supplies of liquefied natural gas for South Korea.

Choo Kang Soo, the chief executive of Korea Gas, the world’s biggest buyer of LNG, said in an interview with Bloomberg said the company has been in contact with major operators including ExxonMobil and Total, but did not mentioned which specific project the company was interested in. ExxonMobil is the operator of the planned PNG LNG project in Papua new Guinea, while Total operates the Ichthys LNG project off Australia and has stakes in gas fields off Nigeria. Korea Gas already has stakes in LNG producers in Oman and Qatar and signed a deal with Gazprom in October to import 10 billion cubic metres of gas per year for up to 30 years, starting in 2015. South Korea is competing with other fast-growing energy markets Japan, China and India for scarce regional supplies of gas.

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