U.S., South Korea eye shale gas opportunities

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WASHINGTON, May 8 (UPI) -- The U.S. and South Korean governments will explore possibilities of sharing knowledge from the shale natural gas sector, the U.S. Energy Department said.

Acting Energy Secretary Daniel Poneman met with South Korean Energy and Trade Minister Yoon Sang-jick in Washington. Yoon visited the United States as part of the party with South Korean President Park Geun-hye.

The Energy Department said in a readout of the meeting that both sides took notice of the role that shale natural gas development can play in energy security and reducing greenhouse gas emissions.

"To that end, (both sides) are to explore opportunities for bringing together government and private sector experts to share their knowledge and experience," the department said.

Technologies used in the United States to extract natural gas from shale formations have led to major gains in production, putting the country in a leadership position in terms of reserves.

Last year, South Korea formed a task force aimed developing domestic shale gas potential as a way to cut down on costs tied to the import of liquefied natural gas. South Korea is one of the largest buyers of LNG in the world.

"(Both sides) noted the importance of clean energy technologies for energy security, economic competitiveness and sustainable growth while mitigating the effects of greenhouse gas emissions," the Energy Department said.