South Korea Firms to Up Oil, Gas Investment

Over 50 Korean firms are expected to invest a sum $11.8 billion next year to develop oil and gas resources, the ministry of knowledge economy said on Wednesday.

These investments will take place primarily in the overseas territory. Last year, Korean firms invested about $8.8 billion.

Korea National Oil Corp, Korea Gas Corp and Korea Electric Power Corp, all state owned firms will invest $7.8 billion out of the total planned investment.

KOGAS, the world's largest corporate buyer of LNG, is preparing to participate in Iraq's fourth bidding round for its oil and gas fields, scheduled for March 2012.