US Act-Geo Expert Arrives in South Korea to Discuss Potential 1.4 Billion Barrel Oil and Gas Discovery

Vitor Abreu, a US-based Act-Geo expert, is set to arrive in South Korea on June 5 to discuss the potential discovery of a massive oil and gas reserve in the Pohang area of North Gyeongsang Province. This visit marks a significant step in evaluating the feasibility and potential impact of the reported 1.4 billion barrels of oil and gas reserves.

Why this matters: The potential discovery of 1.4 billion barrels of oil and gas in South Korea could have significant implications for the country's energy security and economy. If confirmed, it could meet South Korea's gas demands for 29 years and oil demands for four years, and also enhance its exports and domestic energy consumption.

President Yoon Suk Yeol recently announced the potential discovery, emphasizing its importance for South Korea's energy security. The reserves are believed to be buried off the coast of Pohang in the East Sea, a region that could significantly boost the country's energy resources.

Abreu, the founder and owner of Act-Geo, will meet with government officials and the Korea Oil Corporation to discuss the findings. His company conducted the initial study that suggested the presence of these substantial energy reserves. The discussions will likely focus on the technical aspects of the discovery and the steps required for further exploration and potential extraction.

The potential discovery has not been without controversy. Online claims have questioned the legitimacy of Act-Geo, pointing out that the company's headquarters is listed as a residential house in suburban Houston. Additionally, Act-Geo's official website has been inaccessible since the announcement, raising further doubts.

In response to these concerns, the Korea National Oil Corporation (KNOC) issued a press release detailing Abreu's extensive background and career experiences. Abreu has over 30 years of experience in deep-sea exploration, having previously headed the geology division at ExxonMobil and served as president of the American Association of Petroleum Geologists. The KNOC emphasized his expertise and the credibility of the findings.

During his stay, Abreu is expected to hold a press conference to explain his company's research on the South Korean oil project. This will provide an opportunity to address any lingering doubts and present comprehensive information about the potential discovery.

The potential reserves, if confirmed, could meet South Korea's gas demands for 29 years and oil demands for four years. This discovery could also enhance Korea's exports and domestic energy consumption, with significant interest from major consumers like China and Japan.

The drilling operations are scheduled to commence in the second half of this year and will continue until 2026, with results expected before July next year. The estimated value of the reserves is 2,000 trillion won, making it a highly lucrative project for South Korea, with potential economic benefits.

To recap, Vitor Abreu's visit to South Korea is a critical step in assessing the potential 1.4 billion barrels of oil and gas reserves in the Pohang area. The outcome of his discussions with government officials and the Korea Oil Corporation will be closely watched, given the significant implications for South Korea's energy future.

Key Takeaways

• Vitor Abreu to visit South Korea on June 5 to discuss potential 1.4 billion barrels of oil and gas reserves.
• Reserves could meet South Korea's gas demands for 29 years and oil demands for 4 years.
• Discovery could enhance South Korea's energy security, exports, and domestic energy consumption.
• Drilling operations to commence in 2nd half of 2024, with results expected by July 2025.
• Estimated value of reserves is 2,000 trillion won, with significant economic benefits for South Korea.