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    Reduced Saudi Crude Prices Expected For 4 Months Straight

    Offshore Gas Field Nod From The US To Trinidad And Tobago

    Uganda Begins First Oil Drilling Project Under $10bn Scheme

    Dutch government invites Shell, Exxon to join $2.6B subsea carbon storage plan

    TechnipFMC awarded $250 million subsea service contract offshore Brazil

    Sinopec creates record by drilling 8,725 meters deep oil, gas field

    Uganda expects oil production by 2025 with new drilling activity

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    Total-Eni partnership in offshore gas drilling

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    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

    Gazprom plans to carry forward cost efficient in 2018

    TGS announces new seismic project in the Anadarko basin

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    OGA 2017 Post Show Report

    US Polyethylene Export Market Report 2017-2020

    US Polyethylene Export Market Report 2017-2020

    Embedded SSD Flash Management

    Enterprise SSD: More Than Just a New Kind of Hard Drive

    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

    Don’t Miss the Unconventional Resource Revolution’s Next Wave

    Better Safety, Better Business: Maintain Compliance and Drive Revenue: Put All of Your Data to Work

    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

  • Press Releases

    chevron invests in carbon capture and removal technology company, svante

    bp looks to further developments at Tangguh with PSC extension

    Falcon Oil & Gas completes successful drilling operations in Australia

    N’GENIUS solution on the horizon for oil, gas and LNG industry

    QatarEnergy, GE to develop carbon capture roadmap

    QatarEnergy, GE to develop carbon capture roadmap

    Equinor Energy

    Transocean secures offshore drilling rig contract from Wintershall and OMV

    offshore contract by Al Yasat Petroleum

    INEOS and partners approved to develop Solsort field offshore Denmark

    TechnipFMC awarded significant subsea contract for Shell’s North Sea development

    Petronas hires Maersk semi-submersible for Suriname exploration

    PETRONAS Announces New Gas Discovery in Central Luconia Province, Offshore Malaysia

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    Funding For Oil And Gas Industry Is Evolving Dramatically

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    Fresh Gas Supply Need Is Created By Australian Energy Crisis

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Aramco announces second quarter and half-year 2021 results

    Aramco announces second quarter and half-year 2021 results

    Empire Petroleum buys US oil and gas assets from ExxonMobil

    Empire Petroleum buys US oil and gas assets from ExxonMobil

    CNOOC Limited Announces Key Operational Statistics for Q1 2020

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    bp agrees to sell its petrochemicals business to INEOS

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From 27% In 2021, S.Korea To Push Nuclear Mix To 30% By 2030

venkat by venkat
July 5, 2022
in News
0
From 27% In 2021, S.Korea To Push Nuclear Mix To 30% By 2030

The industry ministry announced on July 5th that South Korea intends to expand the share of nuclear power in the nation’s energy mix from 27% to 30% or more by 2030 and pledged to resume halted building work on two reactors.

Yoon Suk-yeol, the country’s next president, has pledged to increase investment in the nuclear energy sector and restore South Korea’s position as a major exporter of secure reactors. Yoon Suk-yeol has opposed the idea of transitioning out of nuclear energy. The pro-nuclear energy policy U-turn in the fourth-largest economy in Asia comes after Yoon won the March presidential election with the narrowest margin in South Korea’s democratic history.

In the wake of Japan’s Fukushima tragedy in 2011, which led to a worldwide recession in the nuclear power industry, the former Seoul administration attempted to reduce the use of nuclear power. The ministry announced that South Korea would extend the operations of its current reactors while resuming construction on two new reactors, Shin Hanul 3 and 4.

The country intends to decrease its reliance on imports of fossil fuels from 81.8% to roughly 60% by 2030, the ministry said, while increasing the role of nuclear energy. As the global carbon neutrality pattern continues and global energy supply chain volatility develops owing to the Russia-Ukraine crisis and other issues, the importance of energy policy in attaining energy security and carbon neutrality goals is more critical than ever.

The ministry will also review the renewable energy targets set by the previous administration and choose new, more specific targets for solar and wind power. According to a representative of the industry ministry, the amount of renewable energy in the nation’s energy mix will be realistically lowered to below 30% by 2030, down from 6.3% last year and the previous administration’s high 2050 target of 60.9-70.8%.

According to the government, coal prices would be fairly lower while taking supply and demand factors into account. As per the state-run Korea National Oil Corp (KNOC), South Korea is the fourth-largest oil importer in the world after China, India, and Japan, and its state-run Korea Gas Corp (KOGAS) is the single largest corporate buyer of liquefied natural gas (LNG) in the world.

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