{"id":2205410,"date":"2024-06-10T08:00:43","date_gmt":"2024-06-09T23:00:43","guid":{"rendered":"https:\/\/koreapro.org\/?p=2205410"},"modified":"2024-06-10T06:56:12","modified_gmt":"2024-06-09T21:56:12","slug":"yoons-oil-and-gas-announcement-may-be-a-strategic-move-in-japan-negotiations","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/06\/yoons-oil-and-gas-announcement-may-be-a-strategic-move-in-japan-negotiations\/","title":{"rendered":"Yoon\u2019s oil and gas announcement may be a strategic move in Japan negotiations"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Act-Geo founder and owner Vitor Abreu <\/span><a href=\"https:\/\/www.motie.go.kr\/kor\/article\/ATCL3f49a5a8c\/169157\/view#\"><span style=\"font-weight: 400;\">stated<\/span><\/a><span style=\"font-weight: 400;\"> on Friday that the potential discovery of oil and gas reserves off South Korea\u2019s East Sea is \u201chighly prospective,\u201d citing the presence of key geological factors indicating the existence of hydrocarbons. Abreu highlighted that the location contains a reservoir, seal, source rock and trap. Act-Geo estimated the deposits could hold between 3.5 billion and 14 billion barrels of gas and oil, potentially meeting the country\u2019s gas and oil demand for up to 29 and four years, respectively.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Abreu noted that the estimated success rate of 20% is \u201cvery good\u201d but acknowledged the inherent risk, stating that drilling is the only way to \u201cunrisk\u201d uncertainties. He also addressed skepticism over Act-Geo\u2019s legitimacy, emphasizing that small businesses participating in such projects are \u201cindustry standard practice.\u201d Trade minister Ahn Duk-geun discussed the project\u2019s importance for energy security and the national economy and announced plans to hold a strategic meeting this month to discuss development strategies.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">President Yoon Suk-yeol\u2019s <\/span><a href=\"https:\/\/koreapro.org\/2024\/06\/south-koreas-potential-oil-and-gas-windfall-clouded-by-lack-of-transparency\/\"><span style=\"font-weight: 400;\">announcement<\/span><\/a><span style=\"font-weight: 400;\"> last week about the potential discovery of oil and gas off the coast of Pohang has been met with public skepticism. This skepticism is further compounded by the fact that Australian energy firm Woodside Energy, which was previously commissioned to study the Ulleung Basin, had <\/span><a href=\"https:\/\/english.hani.co.kr\/arti\/english_edition\/e_national\/1143926\"><span style=\"font-weight: 400;\">dismissed<\/span><\/a><span style=\"font-weight: 400;\"> the area\u2019s prospectivity and withdrew from the project in 2023. However, even if no oil and gas are found in the area, the South Korean government\u2019s announcement could still be helpful in its negotiations with Japan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Yoon\u2019s announcement comes as the <\/span><a href=\"https:\/\/www.state.gov\/wp-content\/uploads\/2019\/11\/LIS-75.pdf\"><span style=\"font-weight: 400;\">Korea-Japan Continental Shelf Agreement<\/span><\/a><span style=\"font-weight: 400;\">, signed in 1974 to share mining and oil rights in the East China Sea, is set to expire in 2028, with the possibility of termination as early as June 2025. The agreement has been a rare instance of cooperation between the two nations but has also become a source of tension in recent years. Japan has been largely <\/span><a href=\"https:\/\/thediplomat.com\/2023\/02\/keep-an-eye-on-the-japan-korea-joint-development-zone\/\"><span style=\"font-weight: 400;\">inactive<\/span><\/a><span style=\"font-weight: 400;\"> in joint development efforts since 2010, driven by changes in international maritime law that favor the median line principle over the natural prolongation theory used when the agreement was signed.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">South Korea\u2019s efforts to explore for oil and gas in Blocks 8 and 6-1, although not directly part of the disputed area (Block 7) with Japan, may help strengthen its overall position in the East China Sea and indirectly support its stance in the potential dispute over Block 7 when the Korea-Japan Continental Shelf Agreement expires. By actively engaging in exploration activities and potentially making successful discoveries, South Korea can demonstrate its long-standing commitment to developing the region\u2019s resources and gain leverage in future negotiations with Japan.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/inter-korean-foreign-relations\/\"><span class=\"tag\">Inter-Korean &amp; Foreign Relations<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>Act-Geo founder and owner Vitor Abreu stated on Friday that the potential discovery of oil and gas reserves off South Korea\u2019s East Sea is \u201chighly prospective,\u201d citing the presence of key geological factors indicating the existence of hydrocarbons. Abreu highlighted that the location contains a reservoir, seal, source rock and trap. Act-Geo estimated the deposits [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2205411,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,28],"class_list":["post-2205410","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-inter-korean-foreign-relations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Yoon\u2019s oil and gas announcement may be a strategic move in Japan negotiations - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/06\/yoons-oil-and-gas-announcement-may-be-a-strategic-move-in-japan-negotiations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Yoon\u2019s oil and gas announcement may be a strategic move in Japan negotiations - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"Act-Geo founder and owner Vitor Abreu stated on Friday that the potential discovery of oil and gas reserves off South Korea\u2019s East Sea is \u201chighly prospective,\u201d citing the presence of key geological factors indicating the existence of hydrocarbons. Abreu highlighted that the location contains a reservoir, seal, source rock and trap. 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