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Major oil company involved in Pohang project by Sep 30?
5
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Korea National Oil Corporation (KNOC) • 25%
SK Innovation • 25%
GS Caltex • 25%
Hyundai Oilbank • 25%
Official announcements from involved companies
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South Korea Approves 14 Billion Barrel Oil, Gas Project Off Pohang Amid Energy Security Push
Jun 3, 2024, 01:38 AM
South Korean President Yoon Suk Yeol has approved an oil and gas exploration and drilling project in the East Sea. The project is based on a study suggesting that a large oil deposit, estimated at 14 billion barrels, is buried off the coast of Pohang. This discovery has led to a surge in South Korean oil and gas shares in early trade on Monday. The government’s move is part of a broader push for energy security.
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