Economically-Viable Gas Field Found near Ulsan

The Ministry of Commerce, Industry and Energy announced on Sunday that it has calculated the economic efficiency of exploiting the natural gas field, found last July, at the 'mining area 6-1' on the continental shelf near Ulsan.
The gas field, estimated to measure 250 to 300 billion square feet, is located 60 kilometers south-east of Ulsan.
The amount of gas output is calculated to total 170 to 200 billion square feet or 3.4 to 4 million tons - about four to five months worth of domestic consumption of liquified natural gas (LNG).
The ministry said that the value of the gas is around 700 to 800 million dollars, while the cost of mining will be about 200 million dollars.
The Korea National Oil Corporation plans to commence construction at the field next year in order to produce gas by 2002 at the earliest.
The state-run corporation will test drill one more place near the area in the hope of finding future gas resources.
Jooan Kang : jooan@joongang.co.kr