The Korea National Oil Corp. official conducted a press briefing in Sejong on June 7, 2024. The Ministry of Trade, Industry, and Energy, along with Korea National Oil Corp., is planning to convene a meeting with experts to discuss the development of potential oil and gas reserves in the East Sea. The government and KNOC are aiming to select the site for the first drilling operation in July. The project could potentially reveal between 3.5 billion and 14 billion barrels of gas and oil, which would be sufficient to meet the country's gas demand for up to 29 years and its oil demand for four years. The meeting will cover various topics, including attracting foreign investment and redefining deep-sea blocks in the East Sea to reflect the discovery. The government aims to form partnerships with foreign companies to reduce development costs, as South Korea lacks experience in developing natural resources in the deep sea. The estimated cost for drilling a hole is around 100 billion won ($72.4 million) to 130 billion won. Kim Dong-sub, head of KNOC, suggested that major oil companies, including those from the Middle East, have shown interest in participating in the project. The government has identified seven potential locations for oil and gas reserves, with an estimated success rate of around 20 percent, indicating that 1 out of every 5 holes drilled would be successful. The first drilling operation is scheduled to commence in December.