The value added of oil and gas extraction in South Korea saw significant fluctuations from 2015 to 2023. In 2015, it was at its highest with 27.64 trillion KRW. After a substantial drop in 2016, the figures rebounded in 2017 but then faced a downward trend until 2023, with minor fluctuations, standing at 23.76 trillion KRW. Year-on-year variations highlight dramatic changes, such as a 47.85% decline in 2016 and a 111.97% increase in 2017. The CAGR for the past five years stands at -0.64%, indicating an overall average decline. Forecasts suggest a continual slight decrease to 22.81 trillion KRW by 2028.
Future Trends to Watch:
- Global oil prices and their volatility.
- Shifts towards renewable energy sources.
- Technological advancements in extraction methods.
- Government policies impacting the energy sector.
- Global geopolitical events influencing oil supply and demand.
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