South Korea’s oil, gas discovery prospects hold ‘great potential’

South Korea’s oil, gas discovery prospects hold ‘great potential’

Hydrocarbon presence off the coast city of Pohang suggests potential reserves of up to 14 billion barrels.

South Korea has authorised drilling to verify potential reserves following the discovery of oil and gas prospects off its eastern coastline. (Pixabay pic)
SEJONG:
Oil and gas prospects identified off South Korea’s east coast hold “great potential” for the presence of hydrocarbons and are promising as petroleum prospects, Vitor Abreu, a consultant at petroleum exploration research firm ACT GEO, said on Friday.

South Korean president Yoon Suk Yeol on Monday announced the discovery of the prospects off the coast city of Pohang and authorised drilling to prove potential reserves, which he said could be as much as 14 billion barrels-equivalent of gas and oil.

“(The area) is highly prospective,” Abreu told a news conference. “The prospects identified show great potential … for hydrocarbon,” said Abreu, who has been contracted by the Korea National Oil Corporation (KNOC) to study the prospects.

Hydrocarbons are known to form the basis of crude oil, natural gas and other petroleum resources.

Since Yoon’s announcement, questions have been raised about the commercial viability of the prospects and the credibility of the preliminary research conducted to verify the viability of the prospects.

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