Energy cooperation in Northeast Asia means that countries work together to manage energy supply and consumption and the construction of energy facilities. The need for this cooperation is increasing since it can be a significant alternative in solving energy crisis in the region.
Through energy cooperation, countries in Northeast Asia will be likely to have a good chance of environmentally friendly energy, and effective investment and use of energy. Futhermore, the cooperation regarding energy infrastructure construction can result in the development of roads, railway, electric power and communication facilities between countries.
This study, first of all, analyzes the change in energy forecast in Northeast Asia, particularly focusing on imbalance between supply and demand of oil, in order to seek the possibilities of energy cooperation in the region. And it deals with important projects of oil and natural gas executed by Russia and other Northeast Asian countries. Finally, it provides Korea policy issue toward the energy cooperation in Northeast Asia.
It is suggested that Korean government has to establish the phased strategies and informational network and intergovernmental cooperation organization in order to promote Northeast Asia energy cooperation. It is also urgently required to ensure financial resource for oil and gas development and energy infrastructure construction in Eastern Siberia and Far-east Russia.