Korea National Oil Corporation Successfully Concludes Symposium on Exploration of Donghae-Ulleung Basin

Gwanggaeto Project Achievements and Possibility of Oil and Gas Fields in the Deep East Sea Discussed

Domestic and International Petroleum Exploration Experts Participate, Highlighting the Potential of the Ulleung Basin

Korea National Oil Corporation (President Kim Dongseob) successfully concluded the special symposium on the "Exploration of the Ulleung Basin in the East Sea," which was held as a special session at the "2024 Busan International Geological Congress (IGC 2024 Busan)" at BEXCO in Busan.

Dongseop Kim, President of Korea National Oil Corporation, is delivering the opening address at the East Sea Ulleung Basin Symposium.

This symposium focused on various issues related to the potential for oil exploration in the deep-sea region of the East Sea, bringing together domestic and international oil exploration experts to present research findings and engage in active discussions.

The first session of the symposium introduced the achievements of Korea National Oil Corporation's domestic exploration master plan, the "Gwanggaeto Project," followed by presentations comparing and analyzing global deep-sea oil field development cases and their geological characteristics with those of the Ulleung Basin in the East Sea.

Notably, Professor Gary Parker of the University of Illinois, a world-renowned scholar, presented a new model for the long-distance transport of deep-sea sediments, providing academic grounds for the development potential of reservoirs in deep-sea areas like the East Sea.

A reservoir refers to a layer within rock where spaces between particles exist, allowing fluids such as oil to be stored.

In the second part, a discussion session titled "The Importance and Challenges of Ulleung Basin Exploration in the East Sea" was held, with participation from domestic and international experts from the private sector, government, and public institutions, continuing the enthusiastic atmosphere.

Jung Dongwon, Head of the East Sea Deep-sea Gas Field Development Task Force at the Ministry of Trade, Industry and Energy, participated in the panel as a government representative. He emphasized the strategic importance of oil exploration in the Ulleung Basin of the East Sea, stressing that it is an essential task for national energy security and economic stability.

The panelists highlighted the promising prospects of deep-sea oil exploration in the East Sea, while also sharing their expertise and experience to identify ways to minimize the inherent risks of oil exploration projects and ensure the success of deep-sea exploration in the Ulleung Basin.

In particular, Kwak Wonjun, Head of E&P/Energy Business Division at Korea National Oil Corporation, stated that through continuous efforts since the corporation's establishment, numerous promising structures have been identified. He announced plans to actively attract investment to disperse risks and alleviate the burden of investment costs.

At the end of the discussion session, there was a debate on creating an environment to revitalize domestic oil exploration activities in the mid-to-long term. Participants unanimously welcomed the revival of domestic oil exploration based on the Gwanggaeto Project of Korea National Oil Corporation, emphasizing that sustained efforts are required, including government regulatory improvements, collaboration among industry, academia, and research institutions, and a gradual transition to renewable energy through the integration of carbon reduction technologies.

East Sea Ulleung Basin Exploration Symposium.

Korea National Oil Corporation stated that the symposium reaffirmed the various possibilities and strategic importance of exploration in the Ulleung Basin of the East Sea, and announced plans to continue contributing to domestic oil resource development through ongoing research and cooperation.

This content was produced with the assistance of AI translation services.