Republic of Korea discovers large oil and gas field in Sea of Japan

By Alimat Aliyeva

A potentially large oil and gas field has been discovered in the Sea of Japan to the east of the territory of the Republic of Korea, Azernews reports.

The field in the Yenil Bay near the city of Pohang may contain about 14 billion barrels of oil and gas. This volume of oil will last the Republic of Korea for 4 years, and gas for 29 years.

"Recent studies indicate a high probability that the reserves of the field amount to 14 billion barrels of oil and gas, these conclusions have been verified by leading research institutes and experts," Yun Seok-yeol said.

According to him, the Ministry of Trade, Industry and Energy of the Republic of Korea has approved a plan for exploration drilling. Its preliminary results are expected in the first half of 2025. South Korean authorities have found signs of a high probability of an oil and gas field in the Sea of Japan in February 2023. After that, the relevant company was instructed to conduct a study.

Trade Minister Ahn Dok Geun said the 14 billion barrel field is worth five times more than the country's largest company by capitalization, Samsung Electronics, which is estimated at $328 billion.

"We expect commercial development to begin around 2035, but the exact time cannot be called until reserves are confirmed," the minister said. He specified that three quarters of the field's resources are gas.