GAS - South Korea Discovers Major Offshore Oil And Gas Reserves — Enough To Fuel Nation For Decades President Announces | Benzinga
In a recent move by South Korea which heavily relies on imports of overseas gas and oil, the country announced today it found a potentially massive reserve of oil and gas offshore close to the southeastern territory.
What Happened: President Yoon Suk-yeol announced on Monday that significant oil and gas reserves might be located off the coast of Pohang, according to Chosun.
During his first national briefing at the presidential office in Seoul, President Yoon revealed that recent physical surveys suggest up to 14 billion barrels of oil and gas could be buried in the area. This discovery has been verified by leading research institutions and experts.
President Yoon explained that natural gas reserves can be used by the entire country for up to 29 years, and oil reserves can be used for up to 4 years, YunhanNews TV reported.
If converted to current economic value, it is estimated to be worth $1.4 trillion, which is five times the market capitalization of Samsung Electronics, according to Hankyung.com, a unit of Korea Economic Daily.
President Yoon emphasized that this potential reserve ...