A potential oil and gas field has been discovered in the eastern waters of the Republic of Korea. Yoon Seok-yol, the President of South Korea’s Northern Administration, announced this during a press conference. The area near the city of Pohang, where Jongil Bay is located, is believed to hold around 14 billion barrels of oil and gas reserves. According to Yoon Seok-yol, recent surveys have indicated the significant potential in the region, and these findings have been examined by advanced research and experts.

In light of this discovery, the government of the Republic of Korea has approved a plan for exploration, development, and energy production. Initial results from the exploration are expected in the first quarter of 2025. In February 2023, the South Korean administration announced the discovery of significant oil and gas reserves in the waters of Japan’s Sea. As a result, a qualified company has been commissioned to conduct further studies.

An Donk-Kyun, the Minister of Commerce, stated that the potential reserve of 14 billion barrels is valued at five times the market capitalization of Samsung Electronics, the largest company in the country valued at 328 billion dollars. He also mentioned that three-quarters of the reserves consist of gas.

Source: NEWS.am on Telegram