'Why Did the Company Behind "Donghae Oil Exploration" Set Up an Office in a Residential Home?'

US Actio CEO Arrival, Press Conference Scheduled for the 7th
"We Are a Niche Company, Working on Small-Scale Projects"

On the 5th, Dr. Vitor Abreu of Act-Geo from the United States, who arrived through Incheon International Airport, is answering reporters' questions. He is expected to explain his analysis of the possibility of oil deposits during his visit to Korea. Photo by Jo Yongjun jun21@

Vitor Abreu, an advisor at Act-Geo, a U.S. company responsible for analyzing deep-sea oil and gas deposits in the East Sea, arrived in South Korea through Incheon International Airport on the 5th. After meeting with government officials and representatives from the Korea National Oil Corporation (KNOC), Advisor Abreu plans to hold a press conference at the Government Complex Sejong on the morning of the 7th to directly announce detailed information related to oil exploration.

At the airport upon arrival, Advisor Abreu told reporters that the purpose of his visit was "to address many questions raised in Korea following the announcement regarding the East Sea deep-sea gas field."

When asked whether he considers the East Sea deep-sea gas field to be economically viable, he replied, "Yes," but added, "I cannot provide detailed information due to a confidentiality agreement with the Korea National Oil Corporation." He also said, "I have tried to explain as much as possible to the media and others, but due to numerous requests every day, I have asked people to communicate with the Oil Corporation."

Advisor Abreu stated, "We were commissioned by the Oil Corporation to evaluate the commercial viability of the surveyed blocks," and added, "What we reviewed includes new data that had not been deeply analyzed before." He said, "I will provide more information soon to resolve the current controversy," before leaving the airport.

The Ministry of Trade, Industry and Energy announced that on the 7th, a press conference will be held at the Government Complex Sejong with Advisor Abreu attending to answer questions related to the development of the East Sea deep-sea gas field.

Dr. Vitor Abreu of Act-Geo, a U.S. company, who analyzed that there is a possibility of up to 14 billion barrels of oil and gas deposits in the Yeongilman area of Pohang, Gyeongbuk, arrived through Incheon International Airport Terminal 2 on the 5th and left the airport after interviewing with the press. Photo by Jo Yongjun jun21@

Just before his visit, Advisor Abreu emphasized via a social media messenger to Yonhap News Agency that "(Act-Geo) is one of the world's top companies in this field" in response to questions about doubts raised regarding Act-Geo's credibility in Korea. He explained, "We have major clients such as ExxonMobil and Total, as well as successful companies like Apache, Hess, CNOOC (China National Offshore Oil Corporation), POSCO, YPF (Argentine state-owned energy company), Pluspetrol, and Tullow."

Advisor Abreu described Act-Geo as "a niche company specializing in deep-sea reservoir exploration worldwide," noting that "compared to traditional consulting firms, it is smaller in scale." He added, "Our business strategy is to operate small and agile," and "We work in a horizontal structure rather than owning buildings or having multiple vice presidents."

Act-Geo is the company that analyzed the possibility of up to 14 billion barrels of oil and gas deposits around the Yeongilman area in Pohang, Gyeongbuk Province. President Yoon Suk-yeol announced the potential for large-scale oil and gas deposits in the Yeongilman area during his first national briefing on the 3rd after taking office.

Following the government announcement, doubts about Act-Geo's credibility were raised mainly online. It was pointed out that Act-Geo's headquarters is located at a residential address in Houston, Texas, USA, and that it is a small company with very few employees.

Regarding this, the government and the Korea National Oil Corporation described Advisor Abreu as "a world authority on deep-sea exploration, former president of the Society of Sedimentary Geology in the U.S., and former head of the geology group at ExxonMobil." The Oil Corporation stated, "Dr. Abreu is the owner of Act-Geo and acts externally as an advisor or consultant."

The Oil Corporation further explained that Dr. Abreu is an expert with 30 years of experience leading deep-sea block evaluations while serving as head of the geology group at ExxonMobil, a petroleum and gas company listed on the New York Stock Exchange. He also served as president of the Society of Sedimentary Geology in the U.S. Additionally, he played a leading role in exploration work for the largest deep-sea oil field, the Guyana block in South America, during his tenure at ExxonMobil.

Regarding Act-Geo's on-site staff presence, the Oil Corporation explained, "The company operates on a project basis with various experienced experts collaborating around Dr. Abreu." This implies that because collaboration is project-based, there is no need for a large number of personnel to work in a specific physical location.