Donghae-1 gas field

Last updated
Donghae-1 gas field
Country South Korea
Region East Sea
Offshore/onshoreoffshore
Operator Korea National Oil Corporation
Field history
Discovery1998-07-27
Start of development2001
Start of production2004-11-05
Production
Current production of gas1.4×10^6 m3/d
50×10^6 cu ft/d
Estimated oil in place1.2 million barrels (~1.6×10^5 t)
Estimated gas in place7.1×10^9 m3
250×10^9 cu ft

Donghae-1 gas field is located in the East Sea, about 60 kilometers from Ulsan Metropolitan City, South Korea's southern region. It was discovered in 1998 and developed by Korea National Oil Corporation. The natural gas field is operated and owned by Korea National Oil Corporation. The total proven reserves of the Donghae-1 gas field are around 250 billion cubic feet (7.1×109m3), and production is centered on 50 million cubic feet/day (1.4×106m3). [1]

Contents

Finally Donghae-1,2 Gas Field was end of Production on December 31, 2021, due to rapid depletion.

History

significance

With the development of this gas field, South Korea also joined the ranks of oil-producing countries, and some of the LNG was able to be procured domestically.

Over the 17 years leading up to the end of production on Dec. 31, 2021, it produced 41 million barrels of natural gas(in terms of crude oil) and 3.9 million barrels of Condensate, resulting in an import substitution of about $2.4 billion.

The investment amount is 1.2 trillion won, but the recovery amount is 2.6 trillion won, achieving a 220% recovery rate.

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References

  1. "E&P Korea". Korea National Oil Corporation. 2022. Retrieved 2022-06-30.
  2. "Construction kicks off for offshore gas production". KBS WORLD. 2002. Retrieved 2002-03-15.
  3. "Dongahe No.1 Gas Field Starts Production". KBS WORLD. 2004. Retrieved 2004-11-05.