The South Korean government has given the green light for drilling for oil and natural gas off the country's southeastern coast, following a study by a foreign seismic research company suggesting potential reserves of about 14 billion barrels of oil. President Yoon Suk Yeol revealed that these resources are believed to be located near Pohang, in the shores off the Yeongil Bay, approximately 260 kilometers southeast of Seoul. He emphasized that if confirmed, these reserves could meet the entire country's natural gas consumption for nearly three decades and its oil needs for up to four years. President Yoon Suk Yeol highlighted that in February, the administration had entrusted top-tier experts to assess geophysical exploration in the area, with the belief that there might be substantial oil and gas reserves in the East Sea. Recently, it was suggested that around 14 billion barrels' worth of oil and gas could be found in the area, a finding that was verified by various research institutes and experts. Yoon further disclosed his approval of the Ministry of Trade, Industry and Energy's plan to explore and drill in the area, with the expectation of yielding results by the first half of next year.