S. Korean hydrocarbon output to start in 2002

South Korea has taken another step toward the ranks of countries with commercial hydrocarbon production.State-owned Korea National Oil Corp. (formerly PEDCO) is preparing to bring on stream Donghae-1 (formerly known as Gorae) gas field in the Ulleung basin 60 km off Ulsan.The field, on Block 6-1 on the Korean continental shelf, was confirmed as commercial after two appraisal wells were drilled.Donghae-1 is estimated to have 250-300 bcf of gas in place. Reserves are pegged at 170-200 bcf-the equivalent of 4-5 months of South Korea's consumption of LNG imports.First commercial production of natural gas is slated to begin in July 2002, according to KNOC. Production plans include the des...

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