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.