South Korea aims to nearly double its self-sufficiency ratio for oil and gas to 20% next year by acquiring new energy assets, an upward revision of a previous 18% target, the Ministry of Knowledge Economy said Thursday.

In one of its latest attempts to boost energy security, the resource-deprived Asian country announced that it will target a significant rise in its ability to meet its own demand for natural resources ranging from oil to metals, which is expected to be largely driven by the nation's two energy arms--Korea National Oil Corp. and Korea Gas Corp. (036460.SE).

Korea National Oil Corp., or KNOC, will have to be "more aggressive" in overseas asset purchases said an official at the company, who declined to be named. He said KNOC will need to seek to buy multiple oil blocks of an "adequate size," including those that can produce at least 50,000 barrels a day.

Separately, Korea Gas Corp., or Kogas, said it has set aside about KRW2.3 trillion ($2.1 billion) for overseas resource development investments this year, with its next project likely to take place in the U.S., Venezuela, Papua New Guinea, or China.

Boosted by its overseas investments, Kogas plans to significantly increase annual output of oil and gas to approximately 2 million metric tons this year from 770,000 tons last year.

South Korea's oil and gas production was 342,000 barrels a day last year, compared with imports of 3.15 million barrels a day, resulting in a self sufficiency ratio of 10.8%, the government said earlier this year.

To achieve a ratio of 20%, South Korea would need to nearly double its daily oil and gas production, assuming its energy imports remain constant.

Energy imports have stayed at similar levels for the past few years, and it's "not easy to reduce [oil and gas] imports," particularly those intended for industrial use, another KNOC official said by phone. KNOC will opt to buy new assets, but it still "won't be easy" to achieve the 20% target, he said.

In line with a government plan to boost South Korea 's self productivity for oil, KNOC will expand oil output to at least 300,000 barrels a day by next year, the ministry said in a statement. The company has plans to sell a 29% stake in the U.S. Ankor oil block to fund a part of its new energy asset purchases.

Resources for which the government aims to boost self sufficiency for include six strategic minerals--soft coal, uranium, iron ore, copper, zinc and nickel. The government plans to up the ratio to 32% next year from 27% last year, the commerce ministry said in a statement.

The government's plan comes just months after South Korea initially agreed on a major deal with the United Arab Emirates that will give the Asian country the right to produce at least 1 billion barrels from oil fields in the UAE.

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