South Korea, US to Boost Shale Gas Cooperation

South Korea and the United States have agreed to step up cooperation on shale gas, Yonhap news agency reported Friday citing a top Seoul official.

"In a meeting with U.S. Secretary of Energy Steven Chu yesterday, I had a lot of discussions on cooperation in the shale gas sector," South Korean Knowledge Economy Minister Hong Suk-woo told reporters. He added that U.S. firms are hoping for South Korea's investment in the shale gas sector.

Major Korean energy firms have expressed interest in moving into the US shale gas space. Earlier this year Korea National Oil Corp. said it will enter shale gas development by establishing a related company in the U.S. KNOC will join hands with Korea Gas Corp. (Kogas), as the latter is an established shale gas player with expertise in the sector.