East Sea gas find seen lifting self-sufficiency

A new natural gas layer has been discovered near an East Sea gas field, the Ministry of Commerce, Industry and Energy said yesterday. According to the ministry, Korea National Oil Corp. recently discovered a large gas layer in submarine strata 15 kilometers (9.3 miles) from the East Sea 1 gas field. The state-run firm will begin drilling the new gas layer next week. “If the gas layer is revealed to be profitable, we will begin to develop it into a gas field,” a Commerce Ministry official said. “Since the new gas field will be able to share production facilities at the East Sea 1 gas field, production costs will be reduced.” The East Sea 1 field will start to produce Korea’s first domestic natural gas supply in December. The field is located along the continental shelf, 58 km southeast of Ulsan city, the ministry said. Korea National Oil will produce 400,000 tons of gas from the field annually over the next 10 years. “We are developing oil fields offshore and in foreign countries so that we can self-supply 10 percent of the nation’s petroleum consumption by 2010,” said an official with Korea National Oil. by Hoh Kui-seek