South Korea Oil and Gas Tenders

South Korea's oil and gas market is the fourth-largest in Asia and is expected to grow at a CAGR of 1.5% from 2022 to 2027. Oil is the primary source of energy for South Korea, accounting for over 40% of total primary energy consumption. Natural gas is also playing an increasingly important role in South Korea's energy mix, with demand expected to reach 40.4 million tons by 2031.

The South Korean government is a major purchaser of oil and gas products and services. In 2021, the government procured over 38 million tons of LNG, worth approximately USD 17 billion. The government also procures a significant amount of crude oil and petroleum products, as well as oil and gas exploration and production services.

The main oil and gas products and services procured by the South Korean government are:
Liquefied natural gas (LNG)
Crude oil
Petroleum products
Oil and gas exploration and production services
Oil and gas refining and processing services

The top authorities for South Korea oil and gas procurement are:
Korea Gas Corporation (KOGAS)
Korea National Oil Corporation (KNOC)
Korea Petroleum Association (KPA)
Ministry of Trade, Industry and Energy (MOTIE)

The top winners of South Korea oil and gas procurement are:
Korea Gas Corporation (KOGAS)
Korea National Oil Corporation (KNOC)
SK Energy
Hyundai Oilbank
S-Oil Corporation

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