{"id":2205369,"date":"2024-06-05T19:08:29","date_gmt":"2024-06-05T10:08:29","guid":{"rendered":"https:\/\/koreapro.org\/?p=2205369"},"modified":"2024-06-06T15:14:30","modified_gmt":"2024-06-06T06:14:30","slug":"yoons-oil-and-gas-announcement-sparks-hope-and-skepticism-in-south-korea","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/06\/yoons-oil-and-gas-announcement-sparks-hope-and-skepticism-in-south-korea\/","title":{"rendered":"Yoon\u2019s oil and gas announcement sparks hope and skepticism in South Korea"},"content":{"rendered":"

South Korean President Yoon Suk-yeol\u2019s 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.<\/span><\/p>\n

Yoon stated there is a \u201cvery high possibility\u201d of deposits between 3.5 and 14 billion barrels of oil under the seabed in the East Sea\u2019s (Sea of Japan) Blocks 8 and 6-1 areas, off Yeongil Bay in Pohang. If true, this volume could meet South Korea\u2019s domestic oil and gas demands for about four and 30 years, respectively.<\/span><\/p>\n

But petrogeologists and maritime experts raised concerns about the project\u2019s success rate, which the government revealed to be around 20%. Regardless of the low success rate, the industry ministry approved exploration drilling, with preliminary results expected in the first half of next year.<\/span><\/p>\n

If successful, the discovery could immensely benefit South Korea and its industries by reducing external energy supply risks for a few decades. However, it is unclear if the potential benefits will outweigh the project\u2019s financial costs and environmental risks.<\/span><\/p>\n\n\t\t