Korea Gas Corporation is eyeing shale gas assets in the US and expects to invest in a liquefied natural gas project there, enabling it to import at least another three million tonnes a year of LNG, a company executive said.
The state-run gas developer and supplier, known as Kogas, “will actively seek opportunities to buy good shale-gas assets” and will open its first US office in Houston by next month, he said.
Kogas planned also to invest an estimated $1 billion ($991 million) in Royal Dutch Shell’s Prelude LNG project and $2bn in the Gladstone LNG project, both in Australia.
Each project was expected to provide the company with about 3.5 million tonnes of LNG a year.
Kogas has a 15 per cent stake in the Gladstone project and has agreed to take a 10 per cent stake in the Prelude project.
Its imports of LNG from Australia are expected to rise in coming years, from about 500,000 tonnes a year now to seven million tonnes from 2016.