SEOUL: South Korea’s state-run oil developer has appointed Schlumberger, a U.S.-based company, to conduct a comprehensive analysis of potential gas and oil reserves in the East Sea. The project aims to evaluate the rock and gas composition in what could be a significant energy resource for the country.
According to Yonhap News Agency, Schlumberger has been tasked with performing “mud logging” operations for the excavation project. This involves evaluating geological formations by measuring and analyzing the gas present in drilling mud extracted from the potential sites. The exploration could potentially reveal between 3.5 billion and 14 billion barrels of gas and oil, a quantity that could satisfy South Korea’s gas demand for up to 29 years and its oil demand for four years, as reported by Rep. Kim Won-i from the main opposition Democratic Party, citing data from the Korea National Oil Corp.
The mud logging operation, a crucial part of the exploration, will focus on securing geological data through hydrocar
bon testing and gas composition analysis. The country plans to initiate the first drilling operation in December, marking a significant step towards energy self-sufficiency.
The Korea National Oil Corp. has identified seven potential locations for these reserves, estimating a success rate of around 20 percent. This indicates that one out of every five drilled holes is expected to yield successful results. However, the development project faces significant financial challenges, with the cost of drilling a single hole estimated to be between 100 billion won (US$73 million) and 130 billion won.