S Korean overseas energy investment marks record high in 2008

SEOUL, Feb. 9 (Chinese media) -- The total investment South

Korea made last year to develop overseas oil and gas fields amounted to a record

high of 4.02 billion U.S. dollars, the Ministry of Knowledge Economy said on

Monday.

According to the ministry, the investment was

expanded to brace for sudden rises in global energy prices.

The investment marked a 57.6 percent increase from that

of 2007. The oil and gas produced in the fields controlled by South Korean

companies increased 37 percent to 172,000 barrels per day from 125,000 barrels

per day of the previous year, the ministry said.

The country's self-sufficiency in oil and gas rose as

well to 5.72 percent of total demands, which was 4.2 percent last year, the

ministry added.

Of the total investment, 1.08 billion U.S. dollars

were used for exploration work, 2.68 billion U.S. dollars went for the purchase

of fields and expansion of energy production, and the rest were spent on related

development projects.

The ministry said energy companies are set to invest

5.2 billion U.S. dollars in 2009 to further enhance the country's

self-sufficiency in energy, expectantly to 7.4 percent.

The objective of the ministry is to increase daily

output by 53,000 barrels per day to over 225,000 barrels in 2009, the ministry

added.

"Although economic and financial circumstances are

not favorable, the drop in international crude prices has made it somewhat

easier to increase overseas purchases," said Hwang Soo-sung, head of the

ministry's oil and gas development division.