I hope some will find the following article valuable.
S. Korea to boost independent oil exploration overseas 212 words 18 May 2006 Yonhap English News
SEOUL, May 18 (Yonhap) -- South Korea plans to sharply expand independent oil development projects abroad over the next 10 years as part of efforts to deal with high-flying crude prices, officials said Thursday. Under the plan, the percentage of independent oil development overseas will be raised to 18 percent by 2015 from the current 3.8 percent, the Ministry of Science and Technology said. To that end, a total of 12.15 trillion won (US$12.8 billion) will be spent to help the Korea National Oil Corp. and private companies explore overseas oil fields, it said. Soaring oil prices have been a big blow to South Korea, the world's fourth-largest buyer of crude. The country depends entirely on imports for its oil needs.
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