Country Report
South Korea upstream summary
Report summary
End of domestic hydrocarbon production - The only producing assets ceased production in 2021. The Donghae-1 gas field ceased in December 2021, and the Donghae-2 gas field tied-back to Donghae-1 ceased in August 2021. Korea National Oil (KNOC) plans to turn the depleted Donghae-1 field into a 1.2 million tpa CCS project by 2028. A 200 MW-capacity floating offshore wind farm project expected to come online in 2026 will use the Donghae-1 production platform jacket as the substructure.
Table of contents
- Executive summary
- Key facts
- Location maps
- Key companies
-
Geology
- Introduction
-
Yellow Sea - Subei Basin
- Kunsan Sub-Basin
- Northern Yellow Sea Sub-Basin
- Southern Yellow Sea Sub-Basin
- East China Sea Basin
- Tsushima Basin
-
Exploration
-
Licensing
- Blocks VIII and VI-1N exploration licences
- Historical exploration licences
-
Drilling
- Drilling activity
- Recent drilling activity
- Historical drilling activity
- Success rates
- Future drilling plans
-
Licensing
- Reserves and resources
-
Production
- Oil and condensate
-
Infrastructure
- Introduction
- Oil infrastructure
-
Gas infrastructure
- LNG
- Gas
- Import gas pipeline projects
-
Costs
- Introduction
-
Capital costs
- Capital expenditure by location
-
Policy and regulation
-
Key legislation
- Gas Sector Regulation & Organisation
- Regulatory body
- Subsidies and Taxes
- State oil company
- State participation
- Licensing
-
Key legislation
-
Fiscal terms
- Overview
- Current fiscal terms
-
Upstream
- Exploration
- Production
- Mid/Downstream
-
State Equity Participation
- Participation Rate
- Carry and Reimbursement
-
Bonuses, Rentals and Fees
- Signature Bonuses
- Production Bonuses
- Area Rentals
- Training Fees
- Other Bonuses and Fees
-
Indirect Taxes
- VAT / Sales Tax
- Import Duties
- Social and Development Levies
-
Royalty and Other Production Taxes
- Royalty
- Export Duty
- Environmental / CO2 Taxes
- Other Production Taxes
- Domestic Market Obligation (DMO)
-
Product Pricing
- Liquids Pricing
- Gas Pricing
-
Corporate (or Petroleum) Income Tax
- Tax Rate
- Deepwater Concession Terms
- Sample Cash Flows
Tables and charts
This report includes 19 images and tables including:
- Key facts: Table 1
- Country Map
- Reserves and resources: Table 1
- Map of Basins
- Production: Table 1
- Production: Table 2
- Gas
- Production: Table 4
- Gas Production
- Fiscal terms: Table 2
- Fiscal terms: Table 3
- GEM models
- Map
- Drilling Activity by Well Type
- Geological and Commercial Success Rates
- Gas Infrastructure Map
- Costs: Table 1
- Costs: Table 2
- Fiscal terms: Table 1
What's included
This report contains:
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