South Korea to Explore for Potentially Huge Offshore Oil and Gas Reserves

South Korea ’s President Yoon Suk Yeol endorsed on Monday a plan for drilling off the east coast of one of the world’s largest oil and gas importers, to explore what studies say are potentially vast resources of crude oil and natural gas . The area could contain 14 billion barrels of oil and gas, the president told a press conference on Monday, as carried by Reuters. Yoon was citing a study about the resource potential off South Korea ’s east coast.

South Korea imports nearly all the fossil fuels it consumes, so domestic production of oil and gas could go a long way to meet some of the demand. The country is the fourth-largest importer of crude oil and natural gas in the world, Korea National Oil Corporation KNOC says. South Korea is also the world’s ninth-biggest energy consumer.

Natural Gas South Korea Imports Energy Exploration Reserves

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