Photo : YONHAP News
A high-ranking government official said a portion of the daily production from boreholes, if constructed for gas extraction in the East Sea, is expected to be sold overseas.
At a press briefing on Monday, following President Yoon Suk Yeol’s announcement of the possibility of massive oil and gas deposits in waters off the southeastern city of Pohang, the official said the remainder could replace the country’s imports.
The official said the extracted gas would profit the Korea National Oil Corporation and the central government, but added that anticipated profits could fluctuate depending on the interim results of the project.
Under a plan to continue drilling through 2026, the official said at least five or more boreholes would need to be drilled as each borehole’s success rate is estimated to be around 20 percent.
In response to concerns that national wealth will be drained by inviting foreign investments, the official said overseas investment is necessary as the country lacks experience in deep sea production.
