Doubts persist over oil project despite expert briefing


There are lingering uncertainties surrounding the newly discovered oil and gas reserves off South Korea's southeastern coast, despite efforts to address public concerns. The discovery, announced a week ago, has generated both excitement and skepticism, prompting the government to provide clarifications for rumors and media reports. Vitor Abreu, the head of the US geoconsulting firm that conducted the survey, defended the findings during a press briefing, asserting a high prospect success rate but also adding to the confusion by seemingly contradicting himself regarding the presence of hydrocarbons in the identified prospects. The financial feasibility and potential profitability of the drilling project also raised ambiguity, with conflicting estimates and concerns over the credibility of the consulting firm appointed to analyze the project. While the government defended the selection process, some experts questioned the appropriateness of entrusting such a significant analysis to a small consulting firm, suggesting that larger global players with extensive resources might be more suitable for the task. These concerns have contributed to doubts about the feasibility and credibility of the drilling project.


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