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.
Get 30 days
of free access to
KoreaPro
-
Full access to all analysis
-
The KOREA PRO newsletter, every business day
-
Daily analysis on the top story of the day
-
The ability to suggest topics for coverage by our specialist team
Be smart about South Korea
Get full access to expert analysis and opinion.
Start
now
No charges during your trial. Cancel anytime. A paid subscription will start after 30 days.
© Korea Risk Group. All rights reserved.
No part of this content may be reproduced, distributed, or used for
commercial purposes without prior written permission from Korea Risk
Group.
SHARE
COPY LINK
X
MASTODON
