S.Korea to begin exploratory drilling for potentially massive oil, gas reserve

South Korean President Yoon Suk-yeol has revealed that a potentially massive oil and gas reserve could be buried in the sea off the country's southeast.

The president told reporters on Monday that the location was off the southeast city of Pohang.

Yoon said, "The recent results indicate a very high possibility of deposits amounting to 14 billion barrels of oil and gas."

He said this could meet South Korea's gas demands for up to 29 years and oil demands for up to four years. He added that the findings have been verified by leading research institutions and experts.

Yoon also said he approved a drilling project on the same day, and some results are expected by the first half of next year.

South Korea's Yonhap News Agency reported that the area where the oil and gas reserve could be buried is within the country's exclusive economic zone.

The South Korean government said commercial development could start around 2035 after confirming the deposits through exploratory drilling.