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South Korea’s recent oil and gas discovery off its southeastern coast could eventually reduce the country’s reliance on fossil fuel imports, but the discovery’s commercial development is unlikely to happen before the next decade.
President Yoon Suk Yeol announced exploration plans for the offshore oil and gas find at a recent press briefing, saying the estimate could be worth more than four years of oil consumption and as much as 29 years of gas demand for the country.
“Once the actual reserves are confirmed, preparations for commercial drilling will begin, with an aim to start commercial development around 2035,” Minister of Trade, Industry and Energy Ahn Duck-geun said during the briefing.
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