Anchor: President Yoon Suk Yeol said a study suggests the possibility of enormous deposits of oil and gas in waters off the country's southeastern city of Pohang. The president made the remarks in a policy briefing at the presidential office on Monday, saying that up to 14 billion barrels of oil and gas are presumed to be buried in the East Sea.
Kim Bum-soo has more. 

Report: South Korea has announced a new crude oil and natural gas discovery, possibly up to 14 billion barrels worth, in waters off the nation's southeastern coast. 

President Yoon Suk Yeol on Monday revealed the recent geophysical exploration results at a press briefing.
 
[Sound bite: President Yoon Suk Yeol (Korean-English)]
"Dear Korean citizens, a geophysical exploration has found a possibility of tremendous amounts of oil and gas deposits in waters off the Pohang-Yeongil coast. I would like to report the findings to the public." 

Located in a large area of sea bed 38 to 100 kilometers off the coast of Pohang, some 260 kilometers southeast of Seoul, the reserve is estimated to hold between three-point-five billion and 14 billion barrels and is composed of 75 percent gas and 25 percent crude oil.  

The entire area is within South Korea's exclusive economic zone. 

[Sound bite: President Yoon Suk Yeol (Korean-English)]  
"In February of 2023, under the current administration, we commissioned Act Geo, a top notch U.S. deep sea [natural resource reserve] appraiser to conduct a geophysical exploration and the results indicated a high possibility that up to 14 billion barrels of crude oil and gas are buried there, as has been verified by major research institutes and experts."

The maximum volume of the natural gas reserve in the East Sea could potentially be enough for the nation to use for 29 years and crude oil for up to four years.  

In the exploration drilling phase, the government will assess the exact volume of the gas and oil deposits for commercial off-shore drilling, possibly around 2035. 

More research is needed to assess the economic feasibility, according to officials.  

Yoon said he approved the Ministry of Trade, Industry and Energy's plan for exploration drilling and that an assessment is expected in the first half of next year.
Kim Bum-soo, KBS World Radio News.