This potential oil and gas reserve off the coast of Pohang would be huge for South Korea’s economy considering how dependent it is on foreign oil imports:

President Yoon Suk Yeol said Monday that a potentially massive oil and gas reserve could be buried off the southeast city of Pohang and drilling will begin later this year to determine whether it is real.
The reserve off Yeongil Bay in Pohang, about 260 kilometers southeast of Seoul, could hold up to 14 billion barrels of oil and gas, an amount that could meet South Korea’s gas demands for 29 years and oil demands for four years, Yoon said.
He cited a geophysical study conducted by an unidentified foreign seismic research company.
Yonhap
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