President Yoon Suk Yeol on the morning of June 3 holds his first national governance briefing at the Office of the President on the possibility of oil and gas deposits off the east coast near Yeongilman Bay in Pohang, Gyeongsangbuk-do Province. (Yonhap News)

By Wu Jinhua

President Yoon Suk Yeol on June 3 announced the possibility of drilling for oil and gas in waters off the east coast near Yeongilman Bay in Pohang, Gyeongsangbuk-do Province.

In his first national governance briefing at the Office of the President in the morning, he said, "The latest findings indicate a high possibility of 14 billion barrels of oil and gas buried off the coast of Yeongilman Bay in Pohang, and this was verified by leading research institutes and experts."

"In February last year, we commissioned a world-class company for deep-sea technology evaluation to conduct an in-depth physical study based on the judgement of high possibility of more oil and gas reserves around the East Sea gas field," he added.

"This would be over 300 times the size of the East Sea gas field discovered in the late 1990s, with enough natural gas for the country to use for up to 29 years and sufficient oil for up to four years."

The president also approved a plan by the Ministry of Trade, Industry and Energy on exploration and drilling for oil and gas reserves deep within the East Sea, saying, "Outcomes to an extent will be announced by the first half of next year, so I ask the public to calmly watch the drilling results."

Minister of Trade, Industry and Energy Ahn Dukgeun added, "We estimate about 14 billion barrels of buried reserves -- three-fourths gas and one fourth oil."

jane0614@korea.kr