Trump-driven energy boom spurs Korean firms to hike US gas investments

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Trump-driven energy boom spurs Korean firms to hike US gas investments - Korea Economic Daily

Quick Summary:

We are now shipping one million tons of liquefied natural gas to South Korea annually,” an SK Innovation E&S (SKI E&S) official told The Korea Economic Daily.“Given the strong competitiveness of US LNG, we are reviewing additional (gas field) acquisitions.”A new gold rush, or energy rush rather, is underway in the US, as Donald Trump’s return to the White House signals a renewed focus on fossil fuels.

It is in negotiations with Canadian suppliers for spot purchases, sources said.“We found no significant difference between Canadian and Dubai crude,” said an SK Energy official.“We are ready to move forward with imports of Canadian crude.”GS Caltex Corp.and HD Hyundai Oilbank Co.are also exploring Canadian crude purchases.

Having committed $360 million to acquire a 49.9% stake in the Woodford shale field in 2014 – while Continental Resources retained the remaining 50.1% – SKI E&S secures one million tons of LNG from the site each year, covering about 2.2% of Korea’s 2024 LNG imports of 46.33 million tons.