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Vitor Abreu, owner of the American geoscientific research company Act-Geo, has indicated this Friday that a possible discovery of oil and gas reserves off the East Sea, in South Korea, has “great potential” for exploration and production. The businessman highlighted the presence of hydrocarbons in offshore fields as a key factor in this project.
“To summarize… the basin has great potential,” Abreu, owner of the Houston, Texas-based research firm, said during a news conference in the central city of Sejong. The owner of Act-Geo noted that the recent discovery “has the presence of all the key major elements.”
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The briefing, hosted by the Korean National Oil Corporation (KNOC), came after the president, Yoon Suk Yeolannounced that Act-Geo analysis suggested that significant oil and gas deposits could be buried deep under the sea, off the coast of Yeongil Bay in Pohang, about 260 kilometers southeast of the South Korean capital of Seoul.
The American company estimated that the deposits could contain between 3,500 and 14,000 million barrels of gas and oil. Once confirmed, the amount would theoretically be enough to meet South Korea’s oil and gas demand for up to 29 and 4 years, respectively.
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