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South Korea’s government has opened the door to drilling for oil and gas E&P off the country’s eastern coastline, launching what could be a strategic new source of energy for Asia’s fourth-largest economy.
The prospect off the coast of Pohang could contain up to 14 billion barrels equivalent of oil and gas, according to President Yoon Suk Yeol. This is enough to supply four years of national oil consumption and 29 years of gas demand. It will be explored by American consultancy Act-GEO for Korea’s Ministry of Trade, Industry and Energy, with a budget of about $360 million.
The objective of the campaign is to prove out the…