The head of the U.S. geoscience research company that analyzed the possibility of oil and gas deposits in the East Sea said an Australian firm that previously withdrew from a geophysical survey with South Korea's state oil company did not have sufficient time for an in-depth analysis.

In a written explanation prior to a press conference in the central city of Sejong on Friday, Act-Geo owner and adviser Vitor Abreu said Australia-based Woodside Energy did not get a chance to conduct an in-depth analysis of survey data due to its early withdrawal.

Abreu said his company, on the other hand, applied integrated survey data and information from three boreholes that had already been drilled in deep waters of the East Sea.

Woodside Energy, which withdrew from the exploration with the Korea National Oil Corporation(KNOC) in January 2023 after nearly 16 years, stated in its annual report that it exited from “futureless” mining projects, including the one in South Korea, to optimize its exploration and production portfolios.

Senior KNOC official Kwak Won-jun, speaking at Friday's press conference, said Woodside Energy had notified KNOC of the intended withdrawal in March 2022, just a year after starting the analysis of data from an extended exploration.