Dr. Vitor Abreu of Actgeo, a U.S. company that analyzed petroleum deposits in the East Sea, will visit Korea on the 5th.
According to Yonhap News on the 4th, Dr. Abreu stated, "I will meet with senior officials from the Korea National Oil Corporation and government representatives." Actgeo is a company that analyzed the possibility of petroleum and gas deposits of up to 14 billion barrels in the Yeongil Bay area of Pohang, Gyeongbuk Province.
The day before, President Yoon Suk-yeol announced the possibility of large petroleum and gas field deposits in the Yeongil Bay area during his first national briefing since taking office. The Ministry of Trade, Industry and Energy and the Korea National Oil Corporation explained, "Dr. Vitor Abreu, the representative of Actgeo, is a former president of the American Association of Sedimentologists and former head of the geology group at ExxonMobil, and is an authority on deep-sea exploration worldwide."
However, since the day before, Actgeo's official website has been inaccessible. Additionally, claims have surfaced online, especially on social media such as LinkedIn, that the U.S. address of Actgeo’s headquarters is a residential house in Houston, Texas.
As the controversy spread, the Korea National Oil Corporation released a document titled "Fact Check on Actgeo" explaining Dr. Abreu’s career and other details.
Regarding Dr. Abreu’s employment status at Actgeo, it stated, "Dr. Abreu is the owner of Actgeo and externally acts as an advisor or consultant."
The Korea National Oil Corporation noted that Dr. Abreu is an expert with 30 years of experience who led deepwater block evaluations while serving as head of the geology group at ExxonMobil, a petroleum and gas company listed on the New York Stock Exchange, and that he served as president of the American Association of Sedimentologists. It also added that during his tenure at ExxonMobil, he played a leading role in exploration work at the largest deepwater oil field, the Guyana block in South America.
Some have expressed doubts about Actgeo’s technical capabilities and expertise.
In response, the Korea National Oil Corporation stated that since its establishment in 2016, Actgeo has conducted evaluations of numerous major projects in Guyana, Bolivia, Brazil, Myanmar, Kazakhstan, and other locations, indicating no issues with its expertise.
The Korea National Oil Corporation also conveyed that Actgeo’s employees come from global major oil development companies such as ExxonMobil, Shell, and BP, possessing expertise in deepwater exploration.
Online, there have also been claims that the number of Actgeo employees registered on LinkedIn is small.
Regarding Actgeo’s employee presence, the Korea National Oil Corporation explained, "The company operates with a structure where experts with diverse experience collaborate on a project basis centered around Dr. Abreu." This implies that because collaboration is project-based, there is no need for a large number of employees to work in a specific location.
The Korea National Oil Corporation added, "Actgeo’s main work is exploration interpretation and evaluation, but it also conducts personnel training," and explained, "'ACT' stands for 'Abreu Consulting & Training,' so the company’s founding purpose includes not only consulting work but also personnel training."
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