Joint Development of Oil Reserve Is Possible Summit Topic

The government is examining the possibility of including the joint development of oil reserves with North Korea as one of the topics for the summit to be held from August 28 to 30 in Pyongyang.

According to high-ranking government officers on August 15, the government is examining the possibility of discussing in the summit plans to jointly develop the oil reserves in Seohan Bay near Nampo, North Korea.

“North Korea has been very ambitious about its oil reserve development plans for a long time, but has been unable to move forward due to a lack of equipment and finance,” said a high-ranking government officer. “If joint development between the South and the North of the oil reserves turns out to be a success, it will benefit both of us.”

“There are a number of candidate regions for oil reserve development, including Seohan Bay, Donghan Bay in front of Wonsan in East Sea, and Anju Basin near Pyongyang,” he added. “Seohan Bay is appraised as an area with a high possibility of an oil reserve because it is where the continental shelf of Bohai Sea stretches adjacent to Tenjin, where China discovered a huge oil reserve.”

Another government officer explained, “If the joint development of oil reserves between the South and the North is realized, Korea National Oil, Korea Resources Corporation, and other private enterprises will be the participants.”

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