Abreu Acteo Advisor: "East Sea Deepwater Gas Field, Drilling Is Fully Promising"

Discussion on Potential with Industry Minister Anduk Geun
Ministry of Industry to Hold 'Development Strategy Meeting' This Month

Vitor Abreu, CEO and advisor of Actgeo, reiterated on the 7th that "the exploration success rate of the East Sea deep-sea gas field is expected to be around 20%, and drilling is sufficiently promising."

The Ministry of Trade, Industry and Energy announced that on the same day, CEO Abreu met with Minister Andukgeun and discussed the potential of the East Sea deep-sea gas field.

Vitor Abreu, CEO and Advisor of Actzio. (Photo by 자료)

At the meeting, CEO Abreu explained, "We conducted an in-depth comprehensive analysis of the physical exploration data jointly acquired by Australia's Woodside and the Korea National Oil Corporation, the data obtained solely by the Korea National Oil Corporation, and the information obtained from three wells drilled in the East Sea deep-sea," adding, "Unlike Woodside, we identified seven promising structures in the East Sea deep-sea."

He then described his company as a "niche company," stating, "Unlike other oil development consulting firms, we focus on deep-sea exploration technology analysis," and emphasized, "In particular, our personnel and capabilities in the deep-sea sector are competitive even compared to major companies."

In response, Minister Andukgeun confirmed the potential and necessity of drilling in the East Sea deep-sea oil and gas fields, expressed gratitude to CEO Abreu for visiting Korea to provide detailed explanations to the public, and requested continuous support for successful exploration and development. The minister said, "We will hold the 'East Sea Deep-Sea Gas Field Development Strategy Meeting' in June, attended by domestic and international experts," adding, "Through this, we will discuss strategies for the successful development of the East Sea deep-sea gas field."