|S Korea to Boost Drilling Equipment Technologies|
|by Tom McGregor||Tue, Jun 19, 2012, 12:46 AM|
Hi-tech South Korean corporations may soon re-focus their energy on developing new technologies for the drilling and handling equipment of natural resources, including oil and gas.
According to the JoongAng Ilbo, “in the last six years, Korea’s self-sufficiency in oil and natural gas has improved substantially thanks to its concerted efforts to tap natural resources abroad. Still, the nation’s competitiveness in securing oil, copper, iron ore and other vital commodities remains comparatively low, due to its passive risk-taking as well as a lack of know-how and experience in resource exploration and development.”
South Korea is seeking to cultivate resource companies to spearhead acquisitions and exploration.
As reported by the JoongAngIlbo, “natural resource projects have advantages such as longer life cycles and potential for massive long-term profit. But they carry huge risks during the exploration stage and diplomatic and security considerations. In order for a major Korean-style resource major to be successful, it is necessary to apply the strategies of Japanese general trading companies or European late-comer majors, as these countries all lack resources but have strong competitiveness in manufacturing.”
China holds the largest shale gas reserves in the world.
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