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SEOUL, April 1 Asia Pulse - South Korea will soon join oil- and gas-producing countries as its first gas field in the East Sea nears the start trial production, head of the state-run oil company said Thursday.
"(We) plan to begin test-production in the Donghae-1 gas field this weekend and commercial production in July," Korea National Oil Corp. (KNOC) President Yi Ok-su told reporters.
Since the East Sea field was discovered in July 1998, the KNOC has poured US$300 million into its development. It expects the gas field to make $78 million in net profits and help the country save $1.2 billion in oil imports.
The East Sea field, 58 ...
Source: HighBeam Research, S KOREA TO BEGIN TEST-PRODUCTION AT EAST SEA GAS FIELD.