Experts caution against economic and political risks despite potential benefits of oil and gas discovery
A collage of South Korean President Yoon Suk-yeol and a map highlighting the mining areas Block 8 and Block 6-1 in the East Sea, off Yeongil Bay in Pohang, as potential oil and gas reserves | Image: ROK Presidential Office, edited by Korea Pro
South Korean President Yoon Suk-yeol’s surprise announcement of a potential oil and gas reserve off the east coast of South Korea, estimated to hold up to 14 billion barrels, has raised hopes for significant economic benefits for the oil-import-dependent nation. However, experts caution that the premature announcement may lead to substantial political backlash.
Yoon stated there is a “very high possibility” of deposits between 3.5 and 14 billion barrels of oil under the seabed in the East Sea’s (Sea of Japan) Blocks 8 and 6-1 areas, off Yeongil Bay in Pohang. If true, this volume could meet South Korea’s domestic oil and gas demands for about four and 30 years, respectively.
South Korean President Yoon Suk-yeol’s surprise announcement of a potential oil and gas reserve off the east coast of South Korea, estimated to hold up to 14 billion barrels, has raised hopes for significant economic benefits for the oil-import-dependent nation. However, experts caution that the premature announcement may lead to substantial political backlash.
Yoon stated there is a “very high possibility” of deposits between 3.5 and 14 billion barrels of oil under the seabed in the East Sea’s (Sea of Japan) Blocks 8 and 6-1 areas, off Yeongil Bay in Pohang. If true, this volume could meet South Korea’s domestic oil and gas demands for about four and 30 years, respectively.
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