14 Potential Oil And Gas Reserves Discovered In South Korea's East Sea
(MENAFN- The Peninsula)
QNA
Seoul: A US geoscience research company has made a report on the potential discovery of 14 additional oil and gas reserves in South korea's East Sea amid an ongoing fossil fuel exploration project in the area.
Act-Geo, the US firm behind Seoul's oil exploration project in the East Sea, recently reported such a possibility to the korea National Oil Corp. (KNOC), according to the officials from the KNOC and the korean Ministry of Trade, industry and Energy.
In the report, Act-Geo said it has found 14 additional oil and gas prospects in the East Sea, with potential deposits of between 680 million barrels and 5.17 billion barrels of oil and gas, Yonhap News Agency reported.
The prospect with the largest potential energy reserve of 1.29 billion barrels has been named the Goblin Shark.
Last year, the US firm also reported the potential discovery of seven fossil fuel reserves that could hold up to 14 billion barrels of gas and oil, including the one widely known as Blue Whale.
South korea kicked off its first exploratory drilling into the Blue Whale prospect in December and plans to announce the results around May or June.
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