South Korea Plans to Boost Oil Resources, Estimates Needs $10B

The South Korean government plans to establish a company and a fund to boost its overseas oil resources, following a study that estimates the country will need about $10 billion to ease its exposure to volatile global oil prices, the Ministry of Commerce, Industry and Energy said Monday.

The ministry said in a statement that the government plans to draft a preliminary plan to enhance its overseas oil development capacity in the second half of this year, but has yet to finalize the size of the fund or development details.
Schlumberger