President Yoon Announces Historic Oil Discovery in South Korea

After President Yoon Suk Yeol announced the “potential for a massive amount of oil and natural gas reserves off Pohang,” oil stocks have risen for two consecutive days.

As of 9:11 AM. on June 3, the Korea Petroleum stock was trading at $20.50, up $3.60 (27.58%) from the previous day. The stock closed at the upper limit the day before. In addition, Heungkuk Petroleum stock rose by 23.69%, and the Joong Ang Enervis stock rose by 17.17%, all showing a rising trend.

At a national policy briefing held at the presidential office in Yongsan the day before, Yoon revealed, “The results of the physical survey suggest a high possibility of a massive amount of oil and gas reserves off Yeongil Bay in Pohang.”

The reserves are expected to be up to 14 billion barrels. Yoon also explained that the amount could last 29 years for natural gas and more than 4 years for oil. Yoon stated, “Since 1966, our country has consistently attempted to explore offshore oil and gas,” adding, “As a result, we discovered a gas field of 45 million barrels in the East Sea in the late 1990s, and commercial production was completed three years ago in 2021.”