Forecast: Output of Oil and Gas Extraction in South Korea

The data indicates that South Korea's oil and gas extraction output fluctuated significantly over the past decade, with notable highs and lows. After experiencing a peak in 2017 at 146.19 billion KRW, the output dipped and saw moderate recovery leading up to 2023, where it stood at 121.0 billion KRW. The average year-on-year growth over the last five years (CAGR) settled at a modest 1.21%.

Examining the longer-term trends:

• The 2016 plunge of -27.49% was followed by a remarkable surge in 2017 (130.8%).
• Subsequent fluctuations included declines in 2018 and 2019 (-11.68% and -18.43%, respectively), before a further dip in 2020 (-9.06%).
• Recent years saw a stabilization with an increase in 2022 (6.94%) and a slight rise in 2023 (1.53%).

Looking ahead, forecasts indicate a steady growth trajectory through 2028, with the output projected to reach 130.21 billion KRW. Future trends to watch include potential changes in global oil prices, technological advances in extraction, and policy shifts towards renewable energy sources, all of which could impact the sector's growth and stability in South Korea.