Natural Resource Development
On September 3, Korea Gas Corporation announced that it found a large natural gas field on the northern coast of Mozambique, Africa.
The exploration site where gas has been found is the first (Mamba South-1) of the four in Area 4. The newly found gas amount is estimated to be at least 15Tcf (340 million tons).
Through this, Korea Gas Corporation has secured a year’s worth (34 million tons) of domestic natural gas supply.
The Corporation plans on drilling 3 more exploration sites in this area by January 2014 to evaluate the gas reserve in the whole exploration area.
A Corporation associate said, “Depending on the results, it is expected for the amount of gas explorations to increase greatly,” and added, “This successful drilling is proof of the Korea Gas Corporation confirming the existence of gas in the Eastern African regions, where not a lot of natural resource exploration is going on, as well as a great chance to contribute to a stable supply of natural gas and improve national independent gas development.”
In addition, the Korea Gas Corporation has been continuing its exploration business in cooperation with the ENI Company (70% share) ever since its 2007 share purchase (10%). Last September, the Corporation began drilling the exploration site and found a gas layer at 212 meters in the process of drilling to its goal of 5K meters.