SEOUL, May 25 - Australia's Woodside Petroleum Ltd will invest up to US$20 (S$35) million to explore South Korea's continental shelf in the East Sea for oil and gas reserves, Seoul's energy ministry said on Sunday.

Woodside Petroleum and state-run Korea National Oil Corp will begin the exploration on two prospective deep-sea offshore blocks from this month until July, the Ministry of Knowledge and Economy which oversees energy investments said in a statement.

Costs beyond the $20 million will be divided between the two firms.

South Korea has been producing about 1,000 tonnes of natural gas per day on average at a gas field in the East Sea since 2004. Is this article useful to you?