South Korea, heavily reliant on oil and gas imports, has long sought to discover its own domestic fuel sources. President Yoon Suk Yeol recently reignited hopes of achieving this goal by announcing the potential presence of a substantial oil and gas field off the coast of Pohang, North Gyeongsang Province. The estimated reserve of 14 billion barrels, located solely within South Korean territory, could provide enough gas for the country for up to 29 years and oil for up to four years. President Yoon has authorized deep-water drilling to explore this promising discovery, marking a renewed effort in South Korea's decades-long pursuit of domestic fuel production. South Korea's previous attempts to explore deep-sea fuel sources have been met with dashed hopes and unfulfilled promises. In 1976, an announcement of oil extraction near Pohang turned out to be premature, and the project was later halted due to a lack of economic viability. Additionally, the Donghae gas field off the eastern coast depleted earlier than expected. South Korea also has a joint oil exploration project with Japan in the East China Sea, but progress has been limited, with Japan showing little interest in cooperation. Local experts are urging the South Korean government to resume exploration activities and are concerned that a significant portion of the joint development zone could be transferred to Japan once the current agreement expires.