Ilseung is showing strong performance. Following President Yoon Suk-yeol's announcement that there is a very high possibility of vast oil and gas deposits in Yeongil Bay off the coast of Pohang, Ilseung, which has a history of supplying offshore plant equipment, is interpreted to have been affected.
As of 10:45 AM on the 3rd, Ilseung is trading at 3,225 KRW, up 14.36% compared to the previous day.
On this day, President Yoon held an unannounced national briefing and said, “Physical exploration results indicate a very high possibility of vast oil and gas deposits in Yeongil Bay off the coast of Pohang. Since 1966, South Korea has consistently attempted offshore oil and gas field exploration, and as a result, discovered the East Sea gas field with a scale of 45 million barrels in the late 1990s, which completed commercial production by 2021, three years ago.”
President Yoon added, “In February last year, based on the judgment that there is a high possibility of more oil and gas fields around the East Sea gas field, we entrusted in-depth physical exploration analysis to Actgeo, a U.S. company specializing in world-class deep-sea technology evaluation.” He continued, “Recently, results showed a very high possibility of oil and gas deposits reaching up to 14 billion barrels, and this has also been verified by leading research institutions and experts.”
President Yoon stated, “This is more than 300 times the scale of the East Sea gas field discovered in the late 1990s, and it is estimated that South Korea can use natural gas for up to 29 years and oil for up to 4 years with this amount. Furthermore, as a deep-sea block, it can be seen as having more exploration resources than the 11 billion barrels of the Guyana block in South America, which is the largest oil development project of this century.”
Meanwhile, Ilseung is a company primarily engaged in ship equipment such as sewage treatment plants (STP) and scrubbers. It has also secured orders for ultra-large STPs related to offshore plants from Petrobras, the Brazilian state-owned energy company, through Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering.
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