Vitor Abreu, adviser and owner of US geoscience research company Act-Geo, reveals potential gas and oil field off the coast of Pohang on June 7, 2024.
During a press conference, Abreu announced the possibility of a significant gas and oil deposit beneath Yeongil Bay near Pohang, North Gyeongsang Province in Korea. The analysis aimed to dispel doubts raised after a government announcement on June 3. The Act-Geo owner highlighted key geological elements, indicating a high likelihood of oil and gas presence. Despite a forecasted 20% success rate, Abreu stressed the need for drilling to confirm. His company’s estimates project a potential 3.5 to 14 billion barrels, though uncertainty remains. Abreu emphasized the importance of commercial viability assessment and scouting ideal drilling sites.
Addressing skepticism, Abreu clarified Act-Geo’s operations and its role in consortium projects. KNOC, on the other hand, invited bids before engaging Act-Geo for analysis. With Woodside Energy’s exit due to a merger, KNOC noted ongoing project evaluations. The response from a geophysics expert suggests overall confidence in the standard exploratory processes involved in oil site scouting.
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