South Korea Greenlights Major Offshore Oil and Gas Exploration

President Yoon Suk Yeol approves drilling project off southeastern coast, potentially yielding 14 billion barrels of fuel.

Energy stocks in Seoul surged following the announcement, with Korea Gas Corporation hitting a 17-month high.
The discovery could reduce South Korea's dependency on energy imports, potentially fueling the nation for decades.
Exploratory drilling is set to begin by the end of the year, with preliminary results expected by mid-2025.
The project will cost over $363 million and aims to determine the actual size of the reserves.
South Korea is the world's fourth-largest buyer of crude and gas and the ninth-largest energy consumer.