Korea Joongang Daily
Korea JoongAng Daily

Gov't expands oil reserves to 100 million barrels to better manage petroleum supply

The government has expanded the country's oil reserves to 100 million barrels as part of efforts to boost its response capabilities to possible global oil supply disruptions, the Ministry of Trade, Industry and Resources said Monday.

2025-12-22

First drilling of Korea's Great Whale Project a bust

The Great Whale Project's first drilling revealed insufficient hydrocarbon levels to justify further exploration, though six other locations show potential. The Ministry will analyze data and seek foreign investment for continued efforts.

2025-02-06

5 global firms want in on potential oil reserves in East Sea: KNOC

The Korea National Oil Corporation said that five global companies have expressed interest in joining the development of the potential oil and gas reserves.

2024-06-19

Industry minister calls for wisdom in drawing foreign investment for East Sea project

Industry Minister Ahn Duk-geun said Monday the government needs to take a “prudent approach” in attracting foreign investment for the development of potential oil and gas reserves off the East Sea and revamp related policies to brace for the project.

2024-06-17

Energy Ministry says drilling of potential oil reserves in Korea will start in December

The Ministry of Trade, Industry and Energy said that the drilling site will be chosen by July to complete the analysis in the first half of next year.

2024-06-10

3.17 million barrels of oil to be released from strategic reserves

The amount to be release is roughly 3.3 percent of reserves. Released reserves will be supplied to local refiners from January to March, the Ministry of Trade, Industry and Energy said Thursday.

2021-12-23

Oil reserves to be released following request from the U.S.

The Korean government estimates the release will be roughly equivalent to the action taken in 2011 when about 4 percent of the nation’s strategic reserve, or around 3.47 million barrels, was added to the market.

2021-11-24