Industry and energy minister Ahn Duk-geun on Monday said the estimated value of the potentially massive oil and gas deposits in waters off the southeastern city of Pohang amounts to five times the market capitalization of tech giant Samsung Electronics.

Speaking at a policy briefing led by President Yoon Suk Yeol, the minister, while cautioning against excessive expectations, said the estimated maximum deposit of 14 billion barrels would be about fivefold the tech giant's market capitalization at its current value.

Ahn said actual exploration in the East Sea is set to begin around December, with the outcome expected during the first half of next year. Oil rig construction could begin between 2027 and 2028 for commercial development to start in 2035.

The minister said the deposits are estimated to be one-quarter oil and three-quarters gas, which by the maximum estimate would amount to oil used in the country over a period of four years, and gas used for nearly 29 to 30 years.

Ahn said world-leading natural resource developers involved in the data analysis and verification stages expressed their intent to participate in future development.