This photo shows the sea off Yeongil Bay in Pohang, about 260 kilometers southeast of Seoul, which could hold up to 14 billion barrels of oil and gas — an amount that could meet South Korea’s gas demands for 29 years and oil demands for four years. President Yoon Suk Yeol announced the approval of their exploration and drilling on June 3, 2024. (Image courtesy of Yonhap)
SEOUL, Jun. 4 (Korea Bizwire) — The owner of U.S.-based geoscience research company Act-Geo said Tuesday he was traveling to South Korea to discuss Seoul’s newly envisioned offshore oil and gas exploration project on the east coast.
On Monday, President Yoon Suk Yeol said South Korea will push to embark on the project in the East Sea after a study suggested significant oil deposits may be buried in the deep sea off the coast of Yeongil Bay in Pohang, about 260 kilometers southeast of Seoul.
The decision came after the government commissioned Act-Geo to conduct a study in February last year, which reported that the deposits could hold between 3.5 billion and 14 billion barrels of gas and oil.
Vitor Abreu, the owner of the Houston, Texas-based research firm told Yonhap News Agency via Facebook that he was on board a plane and was headed to South Korea for talks on the envisioned project.
Abreu said he was scheduled to arrive in Seoul on Wednesday and that he plans to meet with officials of the Korea National Oil Corp. (KNOC) and government officials.
He did not respond when asked whether he plans to hold a press conference or whether he had a response to questions over the veracity of the company being circulated in online communities and social media.
This image shows an area (circled in red) of possible oil and gas reserves in the East Sea, where exploration and drilling for oil and gas were approved by President Yoon Suk Yeol on June 3, 2024. (Image courtesy of Yonhap)
Later in the day, the KNOC announced that Abreu will arrive in Seoul on Wednesday morning on request of the corporation. And he will hold a press conference to explain his company’s research on the South Korean oil project during his stay.
Claims have surfaced online that the address of the company headquarters was that of a residential house in suburban Houston, raising questions over whether Act-Geo was a properly equipped research entity.
Act-Geo’s official website has also remained inaccessible since the government’s announcement Monday.
Amid the controversy, the KNOC issued a press release detailing Abreu’s background and past career experiences.
The KNOC said Abreu was a veteran of 30 years in the field of deep sea exploration, and previously served as the head of the geology division at ExxonMobil and the president of the American Association of Petroleum Geologists.
The company also said during his days at ExxonMobil, Abreu played a leading role in the exploration of the largest deep-sea oil field in Guyana, South America.
(Yonhap)
