Analysis of 'Donghae Oil Reserves' by US Acteos Advisor Arrives Morning of 5th, Also Holds Press Conference (Comprehensive)

Victor Abreu, Advisor at Actgeo. Photo by Actgeo website

Vitor Abreu, an advisor from the U.S. company Act-Geo that analyzed petroleum deposits in the East Sea, will visit Korea on the 5th.

According to the Korea National Oil Corporation (KNOC) on the 4th, Advisor Abreu will arrive in Korea on the morning of the 5th in response to the corporation's request for consultation on follow-up measures regarding the evaluation of promising deep-sea blocks in the East Sea. He is expected to enter through Incheon International Airport around 11 a.m. that day. The Oil Corporation stated, "Dr. Abreu plans to explain matters related to the block evaluation in a separate press conference during his visit," adding, "Detailed plans will be announced later."

During his visit, Dr. Abreu is scheduled to meet with officials from the Oil Corporation and government representatives. Act-Geo is a company that analyzed the possibility of petroleum and gas deposits of up to 14 billion barrels around the Yeongilman area in Pohang, Gyeongbuk Province.

The day before, President Yoon Suk-yeol announced the possibility of large petroleum and gas fields in the Yeongilman area during his first national briefing since taking office. The Ministry of Trade, Industry and Energy and the Oil Corporation explained, "Dr. Abreu, the representative of Act-Geo, is a former president of the American Association of Sedimentologists and former head of the geology group at ExxonMobil, recognized as an authority in deep-sea exploration worldwide."

However, since the previous day, Act-Geo's official website has been inaccessible. Additionally, claims have surfaced online, especially on social networking services (SNS) like LinkedIn, that the U.S. address of Act-Geo’s headquarters is a residential house in Houston, Texas.

As the controversy spread, the Oil Corporation released a document titled 'Fact Check on Act-Geo' explaining Dr. Abreu’s career and related matters.

Regarding Dr. Abreu’s employment status at Act-Geo, it stated, "Dr. Abreu is the owner of Act-Geo and externally operates as an advisor or consultant."

Actgeo's disclosed project performance. Photo by Actgeo website

The Oil Corporation stated that Dr. Abreu is an expert with 30 years of experience leading deep-sea block evaluations while serving as the 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 Guyana block, the largest deep-sea oil field in South America.

Some have raised doubts about Act-Geo’s technical capabilities and expertise.

In response, the Oil Corporation emphasized Act-Geo’s professionalism by citing its performance in evaluating numerous major projects since its establishment in 2016 in countries such as Guyana, Bolivia, Brazil, Myanmar, and Kazakhstan.

The Oil Corporation also noted that Act-Geo’s employees come from global major oil development companies such as ExxonMobil, Shell, and BP, possessing expertise in the field of deep-sea exploration.

Online, there have been claims that the number of Act-Geo employees registered on LinkedIn is small.

Regarding the presence of Act-Geo employees on-site, the 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 occurs per project, there is no need for a large number of personnel to work in a specific location.

The Oil Corporation stated, "Act-Geo’s main work is exploration interpretation and evaluation, but it also conducts personnel training," adding, "'ACT' stands for 'Abreu Consulting & Training,' so the company’s purpose includes not only consulting but also personnel development."