South Korea discovers significant crude oil and gas prospects in the East Sea, according to President Yoon.

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South Korea discovers significant crude oil and gas prospects in the East Sea, according to President Yoon. - Korea Economic Daily

Quick Summary:

In his first televised national briefing, the president said he has given the green light to conduct exploration drilling of the vast oil and gas prospects.“The possibility of the area containing as much as 14 billion barrels of oil and gas is very high,” Yoon told a news conference, citing a study that he said has been reviewed by leading research institutions and experts.“Today, I approved the Ministry of Trade, Industry and Energy to go ahead with the drilling for exploration in the deep sea in the East Sea,” he said.

Refraining from giving his estimates for exploration drilling costs, the minister said the Donghae gas field development project, which produced 45 million barrels worth of gas, cost some 1.2 trillion won ($872 million).

The presidential office said the government last year commissioned an in-depth analysis of the area for potential oil and gas reserves with US-based research firm ACT-Geo after an earlier study showed a high possibility of gas and oil reserves near the Donghae gas field.