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The state-run Korea Gas Corporation will invest $1.1 billion over the next five years to jointly develop natural gas fields in Canada with local firm EnCana Corporation, a deal that will secure gas shipments to Korea, the local firm said yesterday.
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March 01, 2010
The state-run Korea Gas Corporation will invest $1.1 billion over the next five years to jointly develop natural gas fields in Canada with local firm EnCana Corporation, a deal that will secure gas shipments to Korea, the local firm said yesterday.
Under the deal with the biggest natural gas company in North America, Korea Gas (Kogas) acquired a combined 50 percent stake in three gas fields in northeast British Columbia and will start in 2017 extracting a total of 20 million tons of gas over a period of 40 years, the company said.
In the meantime, Korea Gas will invest $1.1 billion to build gas exploration and production facilities, it said.
Korea relies heavily on imports for its fuel needs. The country consumes around 25 million tons of natural gas per year. After the deal, around 3.5 percent of the nation’s total gas use will be produced from Korea’s own gas extraction activities at home and abroad, the company said.
EnCana owns a range of gas fields in Canada and the U.S. and is the largest provider of natural gas in the North American region with sales of $11.1 billion in 2009. Yonhap
Source: http://joongangdaily.joins.com/article/view.asp?aid=2917194
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