"Oil-Producing Countries" VS "Need to Watch More," Korean and Japanese Netizens Stir After President's Announcement

140 Billion Barrels of Oil and Gas Reserves in the East Sea
Natural Gas Enough for Up to 29 Years, Oil for Up to 4 Years
Netizens Divided Over President Yoon's Announcement

On the 3rd, President Yoon Suk-yeol announced that "there is a high possibility that a massive amount of oil and gas is buried in the waters off Yeongilman, Pohang," sparking mixed reactions among netizens from both South Korea and Japan. During his first government briefing held at the presidential office briefing room in Yongsan, Seoul, President Yoon stated, "We entrusted a world-class deep-sea technology evaluation company with physical exploration and in-depth analysis, and the results indicate a high possibility of oil and gas deposits amounting to up to 14 billion barrels." He added, "The findings have also been verified by leading research institutions and experts."

President Yoon Suk-yeol is attending a national briefing held on the morning of the 3rd at the briefing room of the Yongsan Presidential Office Building in Seoul, explaining about the oil and gas deposits in the East Sea.
[Photo by Presidential Office] [Image source=Yonhap News]

Following President Yoon's announcement, Ahn Deok-geun, Minister of Trade, Industry and Energy, described the possibility as "high." Minister Ahn explained, "The Korea National Oil Corporation has attempted 27 drilling operations in the East Sea," adding, "Although previous results were not favorable, a precise analysis based on data collected over the past 12 years confirmed a significantly high level of reserves." He continued, "World-class energy development companies with considerable experience and know-how have expressed willingness to participate in this development, indicating a very high level of potential," and said, "After confirming the actual reserves in the first half of next year, construction could begin around 2027, with commercial development starting around 2035."

Previously, the Korea National Oil Corporation discovered a gas field 58 km southeast of Ulsan in 1998. From 2004, it developed the East Sea 1 and 2 gas fields, producing natural gas and crude oil worth 2.6 trillion won. At that time, South Korea became the 95th oil-producing country in the world, but production at these gas fields ended by the end of 2021. If commercial production begins following this exploration drilling, South Korea will regain its status as an oil-producing country.

Mixed Reactions from South Korean and Japanese Netizens Following President Yoon's Announcement

After President Yoon's announcement, social networking services (SNS) saw 'President Yoon Seok-yeol' and 'Pohang Yeongilman' emerge as hot topics. According to 'Issue Link,' which provides the most frequently mentioned keywords based on online community posts collected every 10 minutes, the number one keyword as of 3 p.m. that day was 'Pohang.' Other related keywords such as 'Yoon Seok-yeol,' 'East Sea front,' and 'oil-producing countries' also ranked within the top 10.
[Photo by Asia Economy DB]

After President Yoon's announcement, keywords such as 'President Yoon Suk-yeol' and 'Pohang Yeongilman' trended on social media platforms. According to 'Issue Link,' which provides the most frequently mentioned keywords based on online community posts collected every 10 minutes, 'Pohang' ranked first as of 3 p.m. that day. Other related keywords such as 'Yoon Suk-yeol,' 'East Sea waters,' and 'oil-producing country' also appeared within the top 10.

Netizens expressed anticipation with comments like, "If the president is announcing this personally, it probably isn't impossible," "If this is true, it's amazing," and "Is our country becoming an oil-producing nation now?" On the other hand, some expressed skepticism, saying, "The talk about Yeongilman oil has been around for a long time, so why only now?" "Wasn't it abandoned before due to lack of profitability?" "The oil has been there for a long time; it just wasn't developed because buying it was cheaper," "How can we be an oil-producing country with only four years' worth of oil?" and "Where is the 7th district, which was said to have the highest oil deposit potential, now?"

Not only South Korean netizens but also those from neighboring Japan closely followed President Yoon's announcement about oil. Japanese netizens who came across the news reacted with comments such as, "Since the Korean government's budget is small, they probably want other countries to invest," "It seems like they want to propose joint mining to Japan and then have Japan provide technology and money, and if mining is realized, they might try to seize it like Takeshima. If that's the case, I hope China seizes it instead," and "Since they have failed before, we need to watch and see this time as well."

One netizen commented, "Since the current Sea of Japan (East Sea) was once land (a lake), it is not surprising if oil was formed from surrounding organisms through tectonic changes," adding, "There are no borders for underground resources, so I wonder if Korea's drilling site might extend into Japanese territorial waters."