This country is almost entirely dependent on imported energy, but that paradigm is about to change. South Korea could be following new winds in the energy sector.

The government has given the green light for the drilling of an underwater field that could contain up to 14 billion barrels of oil and gas, which represents a potential game-changer for the Asian nation.

South Korean President Yoon Suk-yeol announced the initiative at a press conference, citing an expert study that indicates "high probabilities" of the presence of hydrocarbons in the area.

The exploration area is located in Yeongil Bay, in the southeastern city of Pohang. Initial estimates suggest that the volume of the deposit could supply national gas consumption for 29 years and oil consumption for 4 years.

The Ministry of Commerce, Industry and Energy has already granted approval for the exploration and prospecting plan. The results of the exploratory drilling are expected in the first half of 2025. The project, estimated at more than 500 billion won (around 360 million dollars), will begin this year.

The discovery and commercial development of the land could mean a radical change in South Korea's energy matrix, significantly reducing its dependence on imports. The country could thus become a net exporter of energy, boosting the economy and energy security.

The discovery could also boost the development of other related industries, such as refining and petrochemicals.

However, the confirmation of reserves and the commercial development of the land can take years. The costs of extraction and the environmental impacts of exploitation need to be carefully considered. It is crucial to ensure transparent and responsible management of the resources, with the participation of civil society.