Energy security with a high external dependence: the strategies of Japan and South Korea

Besides China, Northeast Asia includes other important energy consumers: Japan and South Korea. These OECD-member economies are highly dependent on imports (which account for more than 80% of domestic consumption in both cases), especially of oil and natural gas, and their energy security has been subjected to considerable threats in recent years. This paper briefly reviews the energy situation and prospects of both countries. It also presents an analysis of Tokyo’s and Seoul’s strategic responses to the (perceived o real) worsening of their energy security, in which the strenghts and weaknesses of each approach are highlighted. Finally, the paper lists some of the lessons that other highly energy import-dependent economies might extract from the experience of Japan and South Korea