“Potential of enormous oil and fuel reserves off Yeongil Bay in Pohang.” – Korea Financial Each day

politics

Submitted2024.06.03 10:03
Edit2024.06.03 11:23

The primary briefing on authorities affairs on the Yongsan Presidential Workplace

“300 instances bigger than the East Ocean fuel discipline”
“Outcomes for the primary half of subsequent yr… Please examine at your leisure.”

Trade Minister: “Industrial improvement begins in 2035”
“The worth is 5 instances the market cap of Samsung Electronics.”

On the first authorities assembly held on the Yongsan Presidential Workplace Constructing on the third, President Yoon Seok-yeol introduced, “The outcomes of a bodily investigation have proven that there’s a nice chance that a considerable amount of oil and bury fuel within the waters. off Yeongil Bay in Pohang.” Photograph = Information 1 President Yoon Seok-yeol introduced on the third, “The outcomes of a bodily survey have revealed that there’s a nice potential for a considerable amount of oil and fuel to be buried within the waters off Yeongil Bay in Pohang .”

On this present day, President Yoon held his first authorities assembly within the briefing room of the Presidential Workplace in Yongsan, Seoul and stated, “I want to inform the individuals this reality.” the federal government briefing is an occasion the place the president explains the principle points immediately. President Yoon stated, “After we got here into our authorities final February , we decided that there was nice potential for extra oil and fuel fields across the East Ocean fuel discipline, and we entrusted a deep bodily exploration to a world-class firm that focuses on evaluating expertise deep sea.” He stated, “Just lately, 14 billion barrels had been invested in it “The outcomes confirmed that there’s a very excessive potential that there are millions of oil and fuel deposits, and it was confirmed by main analysis institutes and consultants,” he stated .

President Yoon defined, “That is greater than 300 instances the scale of the East Ocean fuel discipline found within the late Nineteen Nineties,” and added, “It’s estimated that your entire nation can produce fuel pure can be utilized for as much as 29 years, and oil can be utilized for as much as 4 years.”

He additionally stated, “As a deep-sea mine, the quantity of exploration assets might be stated to be larger than the 11 billion barrels of the Guyana mine in South America, which is taken into account the biggest oil improvement challenge extra on this century. President Yoon stated, “Any further, it is time to transfer on to the exploration and drilling stage to verify whether or not there may be actual oil and fuel and the way massive the reserves actually are ,” and he stated, “Right this moment, I authorised the exploration and drilling. plan for deep sea oil and fuel fields within the Japanese Sea with the Ministry of Commerce, Trade and Power,” he stated.

President Yoon defined that drilling should drill at the least 5 boreholes and that every borehole prices greater than 100 billion received.

President Yoon stated, “If the primary borehole operation begins on the finish of this yr, some outcomes might be out there earlier than the primary half of subsequent yr, and he stated, “I would like the general public calmly monitor the outcomes of the drilling. “Commerce, Trade and Power Minister Ahn Deok-geun, who was current on the assembly, stated, “We communicated intently with the Workplace of the President concerning the outcomes accomplished final week and gave We reported the outcomes of the investigation on to the President yesterday,” he stated.

Minister Ahn stated, “The potential is so excessive that world power improvement corporations with nice data and expertise are planning to take part on this improvement,” he stated, “It’s estimated that round 14 billion they’re buried in a barrel, and three-quarters of them are buried.” “Fuel and oil are estimated to make up 1 / 4,” he stated.

Minister Ahn defined that the particular future timetable for development work to start out round 2027 or 2028 and business improvement to start out round 2035. Minister Ahn additionally stated that the present worth of this retailer is 5 a lot increased than the market capitalization of Samsung Electronics.
As of final weekend, the market cap of Samsung Electronics was estimated to be about 440 trillion received, which suggests it’s value about 2,200 trillion received.

Relating to exploration prices, he stated, “There are some issues which are tough to estimate at this stage,” and added, “I perceive that the whole price of the East Ocean fuel discipline, which – out 45 million barrels of fuel, about 1.2 trillion received.”

Noh Jeong-dong, Hankyung.com reporter dong2@hankyung.com