South Korea Oil & Gas Market Introduction and Overview
According to SPER Market Research, the South Korea Oil & Gas Market is estimated to reach USD XX Billion by 2033 with a CAGR of 1.67%.
The report includes an in-depth analysis of the South Korea Oil & Gas Market, including market size and trends, product mix, applications, and supplier analysis. Oil and gas are naturally occurring fossil fuels found beneath the Earth's surface, composed of biological components accumulated through geological processes. They include crude oil, which is used to produce petrol, diesel, jet fuel, and other petrochemical goods, as well as natural gases such as ethane, propane, and butane. They also include unconventional resources like shale gas and oil sands, which need non-traditional extraction methods. They are extracted by drilling a hole into the Earth, accessing the reservoir where the oil and gas are held, and then utilising various procedures to bring the hydrocarbons to the surface. They frequently go through numerous refining processes to remove impurities and other dangerous materials, making them safe to use.
- In January 2022, the country passed a resolution classifying LNG as a green fuel as part of its decarbonisation plan aimed at achieving the clean energy transition. This move is expected to impact green funding, the course of carbon taxes and emissions caps, the timetable for the decommissioning of coal-fired plants, and South Korea's future energy mix.
- In July 2021, South Korea's state-run Korea Gas Corp (KOGAS) inked a 20-year LNG supply agreement with Qatar, which would begin in 2025. The contract states that KOGAS will purchase 2 million tonnes of LNG per year from Qatar Petroleum. According to the energy ministry, KOGAS buys 9 million tonnes of LNG from Qatar each year under long-term contracts, with a contract worth 4.9 million tonnes of LNG set to expire in 2024.
Market Opportunities and Challenges
Opportunities: Oil and gas infrastructure include pipelines, refineries, drilling platforms, terminals, storage facilities, and processing plants. Growing exploration and production activities, together with expanding natural gas consumption, are likely to boost the business environment. Natural gas is becoming more popular since it is a greener alternative to coal and oil. Natural gas is considered a transitional fuel due to its low carbon emissions, making it an attractive option for transportation, industry, and power generation. Natural gas is being promoted by governments worldwide as part of their energy transition efforts to reduce greenhouse gas emissions. The development of sophisticated extraction techniques, such as shale gas extraction, as well as the expansion of the trade in liquefied natural gas (LNG), are driving increased demand for natural gas and sustaining South Korea's oil and gas industry.
Challenges: Geopolitical Risks: South Korea's reliance on oil and gas imports exposes the market to geopolitical risks such as supply disruptions and price volatility caused by global events. Furthermore, the conventional oil and gas market is under challenges due to the shift towards cleaner and renewable energy sources brought about by growing awareness of climate change and its impact on the environment. Additionally, Competition from Alternative Energy Sources: The oil and gas sector face competition from alternative energy sources including solar, wind, and nuclear power, which can restrict its future expansion. Regulatory Obstacles: Complicated and drawn-out regulatory frameworks and licencing processes can impede the entry of new competitors into the market and impede growth.
Market Competitive Landscape
The South Korean oil and gas market is heavily concentrated. Some of the market's major players include Hankook Shell Oil Co Ltd, CNCITY Energy Co Ltd, Daesung Industrial Co Ltd, GS Caltex Corp, SGS Group, Korea National Oil Corporation, Korea Gas Corporation, S-Oil Corporation, SK Energy, Hyundai Oilbank Co Ltd, and Kukdong Oil & Chemicals Co Ltd.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Type, By Application
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| Regions covered | Seoul Capital Area, Yeongnam (Southeastern Region), Honam (Southwestern Region), Hoseo (Central Region)
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| Companies Covered | Hankook Shell Oil Co Ltd, CNCITY Energy Co Ltd, Daesung Industrial Co Ltd, GS Caltex Corp, SGS Group, Korea National Oil Corporation, Korea Gas Corporation, S-Oil Corporation, SK Energy, Hyundai Oilbank Co Ltd, Kukdong Oil & Chemicals Co Ltd.
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COVID-19 Impact on South Korea Oil & Gas Market
The COVID-19 epidemic had a major impact on South Korea's oil and gas market. The worldwide economic slowdown, travel restrictions, and lower industrial activity led to a drop in oil demand and prices. However, the market shown resilience and reacted to the changing landscape by introducing cost-cutting measures, optimising operations, and pursuing new prospects in renewable energy.
Key Target Audience:
- Energy Companies
- Investors and Financial Institutions
- Government and Regulatory Bodies
- Suppliers and Service Providers
- Research and Consulting Firms
Our in-depth analysis of the South Korea Oil & Gas Market includes the following segments:
| By Type: | UpstreamMidstreamDownstream |
| By Application: | ResidentialCommercialIndustrialOthers |
Key Topics Covered in the Report:
- South Korea Oil & Gas Market Size (FY’2024-FY’2033)
- Overview of South Korea Oil & Gas Market
- Segmentation of South Korea Oil & Gas Market By Type (Upstream, Midstream, Downstream)
- Segmentation of South Korea Oil & Gas Market By Application (Residential, Commercial, Industrial, Others)
- Statistical Snap of South Korea Oil & Gas Market
- Expansion Analysis of South Korea Oil & Gas Market
- Problems and Obstacles in South Korea Oil & Gas Market
- Competitive Landscape in the South Korea Oil & Gas Market
- Impact of COVID-19 and Demonetization on South Korea Oil & Gas Market
- Details on Current Investment in South Korea Oil & Gas Market
- Competitive Analysis of South Korea Oil & Gas Market
- Prominent Players in the South Korea Oil & Gas Market
- SWOT Analysis of South Korea Oil & Gas Market
- South Korea Oil & Gas Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the South Korea Oil & Gas Market.
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. South Korea Oil & Gas Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in South Korea Oil & Gas Market
7. South Korea Oil & Gas Market, By Type (USD Million) 2020-2033
7.1. South Korea Oil & Gas Market Size, Share and Forecast, By Type, 2020-2026
7.2. South Korea Oil & Gas Market Size, Share and Forecast, By Type, 2027-2033
7.3. Upstream
7.4. Midstream
7.5. Downstream
8. South Korea Oil & Gas Market, By Application (USD Million) 2020-2033
8.1. South Korea Oil & Gas Market Size, Share and Forecast, By Application, 2020-2026
8.2. South Korea Oil & Gas Market Size, Share and Forecast, By Application, 2027-2033
8.3. Residential
8.4. Commercial
8.5. Industrial
8.6. Others
9. South Korea Oil & Gas Market Forecast, 2020-2033 (USD Million)
9.1. South Korea Oil & Gas Market Size and Market Share
10. South Korea Oil & Gas Market, By Region, 2020-2033 (USD Million)
10.1. South Korea Oil & Gas Market Size and Market Share By Region (2020-2026)
10.2. South Korea Oil & Gas Market Size and Market Share By Region (2027-2033)
10.2.1. Seoul Capital Area
10.2.2. Yeongnam (Southeastern Region)
10.2.3. Honam (Southwestern Region)
10.2.4. Hoseo (Central Region)
10.2.5. Others
11. Company Profile
11.1. Hankook Shell Oil Co Ltd
11.1.1. Company details
11.1.2. Financial outlook
11.1.3. Product summary
11.1.4. Recent developments
11.2. CNCITY Energy Co Ltd
11.2.1. Company details
11.2.2. Financial outlook
11.2.3. Product summary
11.2.4. Recent developments
11.3. Daesung Industrial Co Ltd
11.3.1. Company details
11.3.2. Financial outlook
11.3.3. Product summary
11.3.4. Recent developments
11.4. GS Caltex Corp
11.4.1. Company details
11.4.2. Financial outlook
11.4.3. Product summary
11.4.4. Recent developments
11.5. SGS Group
11.5.1. Company details
11.5.2. Financial outlook
11.5.3. Product summary
11.5.4. Recent developments
11.6. Korea National Oil Corporation
11.6.1. Company details
11.6.2. Financial outlook
11.6.3. Product summary
11.6.4. Recent developments
11.7. Korea Gas Corporation
11.7.1. Company details
11.7.2. Financial outlook
11.7.3. Product summary
11.7.4. Recent developments
11.8. S-Oil Corporation
11.8.1. Company details
11.8.2. Financial outlook
11.8.3. Product summary
11.8.4. Recent developments
11.9. SK Energy
11.9.1. Company details
11.9.2. Financial outlook
11.9.3. Product summary
11.9.4. Recent developments
11.10. Hyundai Oilbank Co Ltd
11.10.1. Company details
11.10.2. Financial outlook
11.10.3. Product summary
11.10.4. Recent developments
11.11. Kukdong Oil & Chemicals Co Ltd
11.11.1. Company details
11.11.2. Financial outlook
11.11.3. Product summary
11.11.4. Recent developments
11.12. Others
12. Conclusion
13. List of Abbreviations
14. Reference Links