The head of the state-run Korea National Oil Corp.(KNOC) announced on Wednesday that he plans to hold a business information session regarding the East Sea oil and gas project, noting significant interest from major global oil companies.

During a briefing held at the Sejong Government Complex, Kim Dong-sub, the head of the KNOC, said one of the world's leading oil companies had earlier this month conducted additional verification of evaluation results and methodologies related to the project, which were provided by KNOC and Act-Geo, the U.S. geoscience research company involved in the recent discovery of potential oil and gas reserves.

Kim said following an internal review, the company expressed interest in participating in the project.

According to the KNOC chief, five companies have so far shown interest in the project, with one of them having signed a confidentiality agreement, and currently in the process of accessing and reviewing additional materials. 

Kim said given the substantial budget required for the East Sea project, it is necessary to attract investment to diversify risks and ease the burden of investment costs.