Andukgeun, Minister of Industry, "S&P Selected as Investment Advisor for East Sea Gas Field"

Minister Ahn Deok-geun of the Ministry of Trade, Industry and Energy is receiving a report from a staff member during the audit of the Ministry of Trade, Industry and Energy at the Industry, Trade, Energy, Small and Medium Venture Business Committee held at the National Assembly on the 7th. Photo by Kim Hyun-min kimhyun81@

S&P Global is expected to be selected as the investment advisory firm to attract overseas investors for the East Sea deep-sea gas field, which is estimated to contain up to 1.4 billion barrels of oil and gas.

On the 7th, Andeok Geun, Minister of Trade, Industry and Energy, attended the National Assembly's Trade, Industry, Energy, Small and Medium Enterprises Committee audit and stated, "We are in the process of selecting S&P Global as the investment advisory firm for the East Sea gas field."

Successful development of the gas field, which involves costs amounting to several hundred billion won, requires smooth investment attraction. The government plans to establish a concrete investment attraction strategy through the advisory firm and actively promote investment attraction.

Prior to this, the Korea National Oil Corporation (KNOC) completed the first roadshow targeting global major oil companies by July and is currently conducting the second roadshow. During the first roadshow, companies such as ExxonMobil, Saudi Arabia's Aramco, and Italy's Eni participated and showed interest in the "Daewanggorae" project.

The Ministry of Trade, Industry and Energy plans to begin the first well drilling through KNOC in December. On the 25th of last month, the ministry held the 2nd East Sea deep-sea gas field development strategy meeting chaired by Minister Andeok Geun. On that day, the technical advisory committee generally evaluated that KNOC's identification of promising structures was reasonably conducted and judged that the location tentatively selected by KNOC for the first well drilling was appropriate.