US geoscience research company Act-Geo has discovered 14 additional offshore oil and gas prospects in South Korea's East Sea, marking a significant development for the country's energy sector.

Act-Geo reported these findings to the Korea National Oil Corp. (KNOC), indicating potential deposits ranging from 680 million barrels to 5.17 billion barrels (bbbl) of oil and gas equivalent, as stated by South Korean officials.

The company's preliminary findings, reported by the Yonhap news agency, are yet to be confirmed by additional experts.

The company highlighted the promising nature of exploration prospects offshore South Korea, suggesting a highly prospective future discovery.

This optimism aligns with South Korea’s ongoing efforts to enhance its domestic energy production capabilities.

In June 2024, South Korea approved a drilling plan along its east coast, targeting what studies suggest are significant reserves of crude oil and natural gas.

The initiative is part of a strategy to reduce reliance on fossil fuel imports, as the nation currently imports nearly all the fossil fuels it consumes.

Act-Geo co-founder and adviser Vitor Abreu noted last year that the initial survey results had already garnered interest from “important international companies”.

This interest underscores the potential commercial viability of the offshore prospects, with South Korea aiming to begin resource extraction by 2035.

The country ranks as the fourth-largest importer of crude oil and natural gas globally, according to KNOC, and is the ninth-biggest energy consumer.

The exploration initiative is expected to play a crucial role in meeting domestic energy demand.

South Korean President Yoon Suk Yeol endorsed the offshore exploratory drilling programme in June last year, anticipating significant findings by 2025.

He remarked during a press conference that the likelihood of the East Sea containing up to 14bbbl of oil and gas is “very high,” referencing a peer-reviewed industry study.