Energy Security with a High External Dependence: The Strategies of

Korea. These economies, which belong to the OECD, are highly dependent on imports (which account for over 80 % of domestic consumption in both cases), especially oil and natural gas. In recent years their energy security has been subject to serious threats. This Working Paper briefly addresses the position and energy forecasts for the two countries. It proceeds to analyse the strategic responses of Tokyo and Seoul to the deterioration (whether perceived or real) of their energy security, highlighting the strengths and weaknesses of each approach. Finally, the paper details some of the lessons that other countries which are highly dependent on energy imports might lear