A U.S.-based geoscience research company has reported the potential discovery of 14 additional oil and gas reserves in South Korea’s East Sea, further fueling hopes for significant fossil fuel deposits in the region.
According to officials from the Korea National Oil Corporation (KNOC) and the Ministry of Trade, Industry, and Energy, Act-Geo, the firm leading Seoul’s oil exploration efforts, recently submitted its findings to KNOC. The report suggests that the newly identified prospects could contain an estimated 680 million to 5.17 billion barrels of oil and gas, South Korea’s Yonhap News Agency reported.
Among the 14 new sites, the most promising is a reserve named “Goblin Shark,” which is believed to hold up to 1.29 billion barrels of energy resources. The latest discovery follows Act-Geo’s previous report last year, which identified seven fossil fuel reserves in the East Sea. Those earlier findings, including the high-profile “Blue Whale” reserve, were estimated to hold as much as 14 billion barrels of oil and natural gas.
South Korea launched its first exploratory drilling operation into the Blue Whale reserve in December and expects to announce the results by May or June. The potential discoveries could significantly impact the country’s energy security, reducing its heavy reliance on imported fossil fuels.
The ongoing exploration project underscores the South Korean government’s commitment to energy independence and domestic resource development. If confirmed, these findings could mark a major breakthrough in the nation’s search for viable oil and gas reserves, offering new economic and strategic opportunities.
