SEOUL, March 5 (UPI) -- South Korea spent $2.08 billion for overseas energy resources development last year, up 88 percent from the previous year, Seoul officials said Monday.
The Ministry of Commerce, Industry and Energy also forecast the energy investment mainly for oil development to reach $3.78 billion in 2007, up 81 percent from last year.
"Investments are likely to remain upbeat for a while in development initiatives from recent deals on large oil fields and other explorations," the ministry said in a statement.
South Korea is pushing to develop energy resources, such as oil and gas, as the country's economy is heavily dependent on energy imports.
South Korea is the world's fourth-largest oil importer and the world's second-largest buyer of liquefied natural gas after Japan.
