Up to 14 billion barrels of oil and gas may be found off the coast of South Korea; test drilling to begin at the end of this year; results to come in the first half of next year

The South Korean government said on the 3rd that up to 14 billion barrels of oil and gas could be in the offshore Pohang area of North Gyeongsang Province in the southeast. The first test drilling in the area is scheduled for the end of this year.