[Data for parliamentary inspection] "It will take more than 15 years to secure oil reserves for two months use"

The government currently stockpiles only 60 percent of the nation¡¯s total oil reserve capacity of 96.9 million barrels, enough to last only 29 days, a lawmaker disclosed Monday. He also pointed out that under the current government plans, it would take more than 15 years for the nation to secure oil reserves to last 60 days.

Rep. Hwang Seung-Min of the main opposition Grand National Party made the disclosure in a parliamentary review of the state-run Korea National Oil Corporation¡¯s operations.

Based on data obtained from the KNOC, the lawmaker claimed that the budget for oil reserves for next year increased nearly 30 billion won from this year but due to rising oil prices, that¡¯s just 4 million barrels, similar to amount this year. If the trend continues in coming years, he said, the nation would take more than 15 years to attain its reserve goal.

Rep. Kang In-Sup of the GNP also claimed that it would take more than 10 years for the nation to increase its reserves from 58 million or so barrels to 96.9 million barrels, as the government stockpiles only 4 to 5 million barrels of oil each year.

Sun Dae-In eodls@donga.com