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S.Korea’s Yoon Says Vast Amount Of Oil, Gas Reserve Possible Off East Coast

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June 2, 2024

SEOUL, June 3 (Reuters) – South Korean President Yoon Suk Yeol said on Monday the possibility of a vast amount of oil and gas reserve in the sea off the country’s east coast has been reported and it will launch an exploration to determine the potential.

The possibility of the reserves containing as much as 14 billion barrels of oil and gas are “very high,” Yoon told a news conference citing a study that he said has been reviewed by experts and industry groups.

“Today, I approved the Ministry of Trade, Industry and Energy to go ahead with the drilling for exploration in the deep sea in the east sea,” Yoon said.

(Reporting by Jack Kim, Hyonhee Shin and Jihoon Lee; Editing by Jacqueline Wong)

(c) Copyright Thomson Reuters 2024.

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