South Korean president Yoon Seok-yeol announced today that it is "very likely" there is up to 14bn bl in oil and gas deposits off Yeongil bay in Pohang city.
This was verified by "leading research institutes and experts", Yoon added. The 14bn bl is sufficient to meet the country's natural gas consumption for up to 29 years, and oil consumption for up to four years.
Yoon said he has approved the trade, industry and energy ministry's exploratory drilling plan for deep-sea oil and gas fields in the east sea, and expects some results to be available by first-half 2025.
South Korea relies almost entirely on imports to meet its oil and gas needs, with the US' EIA estimating South Korea's fossil fuel import dependence at almost 98pc. The Middle East was the top source of crude for South Korean refiners in April, accounting for around 75pc of total crude imports at 2.25mn b/d. This is in addition to LNG supplies from Middle East countries accounting for over 30pc of South Korea's imports in April.
