Bloomberg reported that South Korea, which imports almost all of its fuel needs, may seek to develop oil and gas fields in Venezuela to help stabilize its energy supply.

Korea's Ministry of Knowledge Economy said that South Korean officials discussed the possibility of joining in a project to develop reserves in the Orinoco Belt with state oil company Petroleos de Venezuela SA.

South Korea is stepping up efforts along with China and Japan to own oil and gas fields as crude prices surge to records. Oil doubled in the past year, touching a record USD 139.89 a barrel on June 16.

The report added rthat a South Korean consortium led by Korea National Oil Corp may bid to develop two Orinoco areas, Carabobo 1 and 4.

Venezuela has the world's third largest proven crude oil reserves. National oil companies from countries including China, Vietnam and Iran are taking part in Venezuela's project to quantify and certify reserves in the Orinoco region, which holds so called heavy oil.