Vitor Abreu, the owner of Act-Geo, a US-based geoscience research company, spoke at a press briefing in Sejong, South Korea, where he described the potential discovery of oil and gas reserves in the country's East Sea as "highly prospective." He highlighted the presence of hydrocarbons in the offshore fields and emphasized the significance of the discovery, stating that it encompasses all the key elements necessary for a promising prospect. This briefing, organized by the state-run Korea National Oil Corp, followed a statement by President Yoon Suk Yeol regarding Act-Geo's study suggesting substantial gas and oil deposits in the deep sea off the coast of Yeongil Bay in Pohang, located approximately 260 kilometers southeast of Seoul. According to Act-Geo's estimates, the potential deposits could range from 3.5 billion to 14 billion barrels of gas and oil. If confirmed, this quantity could theoretically fulfill South Korea's gas and oil demand for up to 29 years and four years, respectively. The announcement has sparked significant interest in the potential economic and energy implications for the country.