S. Korea plans to hold more stakes in gas, oil reserves abroad

South Korea plans to secure 17 billion barrels of overseas gas and oil reserves by the end of the year as an effort to ensure stable energy supplies, South Korean Vice Commerce, Industry and Energy Minister Oh Young-hoa said Tuesday.

"The government is seeking to expand holdings in gas and oil fields that it controls by 3 billion barrels during the year," Oh told a press conference outlining the ministry's policy goals for 2007.

According to the official, the South Korean government will focus on making inroads into central Asian and southern African countries by linking exploration and development rights.

The Ministry of Commerce, Industry and Energy will create a so- called carbon fund to help companies engage in clean development mechanism (CDM) processes to cut down on greenhouse gas emissions, which is part of the Kyoto Protocol to reduce global warming by leading industrialized countries, he said.

South Korea, which heavily relies on energy importers, currently holds stakes in gas and oil reserves worth 14 billion barrels worldwide.

Source: Xinhua