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Presence of oil, gas reserves in East Sea highly promising: Act-Geo owner - 코리아타임스

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<title>Presence of oil, gas reserves in East Sea highly promising: Act-Geo owner - The Korea Times</title>

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<div class="view_headline LoraMedium">Presence of oil, gas reserves in East Sea highly promising: Act-Geo owner </div>

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<div id='startts'> <div class="editor-img-box" style="margin-left: auto; margin-right: auto; margin-bottom: 30px; width: 740px;"><img style="display: block; width: 100%;" src="https://newsimg.koreatimes.co.kr/2024/06/07/f67192da-e6ae-44b1-be52-fb7…; alt="Vitor Abreu, owner of the U.S.-based geoscience research company Act-Geo, speaks during a press conference in Sejong, Friday. Yonhap" /><div class="caption"><p>Vitor Abreu, owner of the U.S.-based geoscience research company Act-Geo, speaks during a press conference in Sejong, Friday. Yonhap</p></div></div><div class="writer"><span class="name">By Baek Byung-yeul</span></div><p class="editor-p">There is a high probability that up to an equivalent of 14 billion barrels of crude oil and natural gas is present in a deposit off the coast of the southeastern city of Pohang, according to Vitor Abreu, owner of the U.S.-based geoscience research company Act-Geo, Friday.</p><p class="editor-p">He said the exploration success rate is about 20 percent, which is higher compared to that of the Guyana oil field in South America, responding to doubts about the feasibility of the oil reserve that arose after President Yoon Suk Yeol announced it on June 3.</p><p class="editor-p">"To summarize, the Ulleung Basin (an oceanic basin in the East Sea near Ulleung Island) is highly prospective. It has the presence of all the key main elements," Abreu, owner and an advisor of Act-Geo, said in a press conference in Sejong.</p><p class="editor-p">The Korea National Oil Corp. (KNOC) established a mid-to-long-term exploration plan for the domestic continental shelf in October 2022 as part of its oil exploration in the East Sea. After assessing the possibility of the presence of oil in the deep-sea areas in the East Sea, KNOC received evaluations of the presence possibility in seven large promising structures through Act-Geo.</p><p class="editor-p">Based on that possibility, Yoon announced that there is a high probability of up to 14 billion barrels of oil and gas buried in Yeongil Bay, off the coast of Pohang, North Gyeongsang Province. This led to Abreu visiting Korea to further explain this.</p><p class="editor-p">The development of oil and gas fields consists of geophysical surveys, exploration drilling and commercial development. Yoon said that the government would start exploratory drilling by the end of this year, and the results of the exploration are expected in the first half of next year.</p><p class="editor-p">The Act-Geo owner said that the potential oil and gas fields in Korea have similar structures, types and related factors to those of the oil fields in Guyana, South America, adding that Korea's exploration success rate is higher than that of Guyana's.</p><p class="editor-p">"In the prospective rate to drill, 20 percent is very good. Just for comparison, the largest discovery in the world in the last 20 years or 25 years, is the Liza prospect in Guyana. I participated in that as well when I was working for Exxon Mobil, and the Liza was 16 percent," he said.</p><p class="editor-p">The oil exploration expert added that in order to forecast whether oil is actually there, four criteria need to be met: source rock, reservoir rock, cap rock and trap. And confirmed that such factors are present in the depths of the East Sea.</p><div class="editor-img-box" style="margin-left: auto; margin-right: auto; margin-bottom: 30px; width: 740px;"><img style="display: block; width: 100%;" src="https://newsimg.koreatimes.co.kr/2024/06/07/8189bc5c-025e-4186-9e71-90e…; alt="Lee Hyun-suk, a researcher at the Korea Institute of Geoscience and Mineral Resources, speaks during a press conference in Sejong, Friday. Yonhap" /><div class="caption"><p>Lee Hyun-suk, a researcher at the Korea Institute of Geoscience and Mineral Resources, speaks during a press conference in Sejong, Friday. Yonhap</p></div></div><p class="editor-p">Lee Hyun-suk, a researcher at the Korea Institute of Geoscience and Mineral Resources, who also joined the conference, said that the government confirmed the reliability of the estimation after reviewing scientific evidence.</p><p class="editor-p">"The Ulleung Basin in the East Sea was in a state where uncertainties were resolved through the analysis of drilling wells due to various geological factors," the researcher said. "After reviewing the scientific evidence, the reliability was confirmed."</p><p class="editor-p">Despite the expert's clarification, the controversy over whether there are oil and gas fields in the East Sea continues.</p><p class="editor-p">According to Woodside Energy, an Australian resource development company, their semi-annual report on the region released in August 2023, said that the oil and gas fields are unlikely to succeed, adding that the deep-sea exploration project in Yeongil Bay was "no longer considered prospective.&rdquo;</p><p class="editor-p">The Ministry of Trade, Industry and Energy said that this does not match the facts.</p><p class="editor-p">"KNOC and Woodside Energy have been conducting geophysical explorations together since 2007. However, Woodside Energy is judged to have withdrawn without reaching the promising structure stage, which is a preliminary step before pushing ahead with drilling, through more precise and in-depth data interpretation," the ministry said in a statement.</p><p class="editor-p">"Therefore, the interpretation that Woodside Energy concluded there was no potential through a deep assessment of the promising structure and withdrew, is judged not to match the facts considering the circumstances at the time," the ministry added.</p><script type="text/javascript" src="chrome-extension://hhojmcideegachlhfgfdhailpfhgknjm/web_accessible_resources/index.js"></script></div>
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