The South Korean government said Sunday that South Korean companies will invest more than 2 billion U.S. dollars in overseas gas and oil reserves next year.

According to the Ministry of Commerce, Industry and Energy, the investment in foreign gas and oil development is expected to reach 2.06 billion dollars in 2007, up 32.9 percent from 1.6 billion dollars in 2006.

The figure is based only on investment plans that have been settled," the ministry said, adding, "If we include planned investments that have not been confirmed, the total investment value will be much higher."

South Korea's leading energy companies, such as SK Corp. and LGInternational, have been expanding investment in overseas oil and gas development as a response to the oil prices soar.

South Korea, which imports all of its oil from abroad, is the world's fourth-largest oil importer.