Determinants of a Competitive LNG Supplier to Korea: Can Australia be the Next Qatar in terms of LNG Supply?
Project submitted in partial fulfilment of the requirements for the degree of MSc (Energy and Resources), UCL Australia.
Korea is unlikely to require any further immediate liquefied natural gas (LNG) contracts with Australia, following its overseas investment in LNG exploration and production and its influence on international LNG projects.
While Korea was the second largest LNG importer in the world this year, my research found Korea’s policies for the energy sector - including, gaining security of supply, approaches to environmental issues, choices of fuel mix in power generation, investment in infrastructure and deregulation of electricity and gas markets - have all contributed to a scenario where it is unlikely to invest further in Australian LNG projects.
Australia currently has the most LNG projects under construction globally and is heading towards becoming the world’s largest LNG exporter by 2020, my dissertation discusses the future Australia-Korea relationship and analyses historical and current natural gas demand and supply structure in Korea and factors that influence gas consumption.