”Second roadshow” to attract foreign investment to deep-sea gas fields in the Sea of Japan to be held this month - South Korean report

The Korean government is scheduled to hold a second roadshow this month to attract foreign investment for a deep-sea gas exploration and drilling project in the Sea of Japan.
A number of foreign oil companies interested in the project will visit Korea to examine the business feasibility. According to the energy industry, the Korea National Oil Corporation held a second meeting this month for a number of foreign oil companies.
The South Korean government and the Korea National Oil Corporation announced in June that President Yoon Seok-yeol had discovered a number of promising gas fields in the deep seas around Yeongil Bay in the Sea of Japan.
The first exploration drilling, which will take place over a four-month period starting in December this year, will cost 100 billion won (approximately 10.68 billion yen).
The government and the gas corporation will each bear half of the cost, and at least the second and subsequent exploration drillings of the fifth phase will be jointly conducted by inviting overseas investment at an appropriate level in order to spread risk.
A number of major global oil companies have reportedly already shown interest in the project. According to the oil industry, the KNOC conducted its first roadshow earlier this month, and the Ekseongmo Building
Exxon Mobil, Saudi Aramco, and Italy's Eni are among the participants, and are sharing analytical data on gas fields.
After the show, domestic resource development companies may also be given the opportunity to share data.
The three companies participating in the agreement are POSCO International, SKE&S, and GS Energy. There are various cases before the contract is actually concluded.
However, due to the nature of large-scale oil and gas field development projects, where it is difficult to guarantee the possibility of success, there is a possibility that the initial contract terms will result in excessive risk.
The Korean government and Korea National Oil Corporation have also been considering re-establishing their investigation authority before inviting investment, given the expectations and concerns of the two parties.
The government is also working to develop a system for maximizing national interest, including establishing various systems for the distribution of investment profits.
"We plan to hold the second Japan Sea deepwater gas field development strategy conference during this period," he said, adding, "We hope to be able to announce more detailed information at that time."