South Korea May Seek to Join Orinoco Oil Project in Venezuela

South Korea, which imports almost all of its fuel needs, may seek to develop oil and gas fields in Venezuela to help stabilize its energy supply. South Korean officials discussed the possibility of joining in a project to develop reserves in the Orinoco Belt with state oil company Petroleos de Venezuela SA., Korea's Ministry of Knowledge Economy said today in an e-mailed statement. South Korean delegates including Lee Jae Hoon, vice minister for trade and energy, visited Venezuela June 19-21. South Korea is stepping up efforts along with China and Japan to own oil and gas fields as crude prices surge to records. Oil doubled in the past year, touching a record $139.89 a barrel on June 16. Venezuela, led by self-proclaimed socialist President Hugo Chavez, has the world's third-largest proven crude-oil reserves. National oil companies from countries including China, Vietnam and Iran are taking part in Venezuela's project to quantify and certify reserves in the Orinoco region, which holds so-called heavy oil.