Minju: "Yoon Must Disclose the Process of Entrusting Actzio with the National Project"

"Doubt Like a Medicine Peddler Selling Fake Drugs"

The Democratic Party of Korea stated regarding Actgeo, a U.S. company responsible for analyzing deep-sea oil and gas deposits in the East Sea, "President Yoon Seok-yeol must disclose the entire process by which a national project was entrusted to Actgeo, whose corporate status had been revoked."

Hwang Jeong-a, spokesperson for the Democratic Party of Korea, cited a media report in a written briefing that Actgeo had its corporate status revoked for four years due to failure to file business tax returns or pay state business taxes in Texas, USA.

She said, "It was revealed through reports that Actgeo was in a 'corporate status revoked' state from January 2019 to March last year, yet the Korea National Oil Corporation commissioned Actgeo for (oil and gas deposit analysis) in February last year."

She continued, "They exaggerate the deposit volume to a maximum of 14 billion barrels, but is it reasonable state governance to entrust a national project to a company without corporate status and headquartered in a private residence?"

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@

Spokesperson Hwang also criticized a press conference held the previous day by Vitor Abreu, an advisor to Actgeo, saying, "The basis and analysis method for calculating the maximum deposit volume of 14 billion barrels were not disclosed," and added, "It only strengthened suspicions that they are like quack medicine sellers."

She added, "The public's suspicion has grown into questions about how an unqualified Actgeo was entrusted with a national project, through what channels this project was reported to the president, and why the president made the announcement," and concluded, "We will investigate and clarify these suspicions from A to Z."