Oil-Starved Korea Pushes Ahead to Explore East Sea for Petroleum

Korea will set up an eighth oil and gas exploration block in the East Sea in coordination with an Australian development company.

Woodside Petroleum of Australia initially made the proposal to the government and the Korea National Oil Corp. which accepted it, according to the Ministry of Commerce, Industry and Energy (MOCIE).

This will be the first time in 14 years for a foreign company to explore for oil in Korean waters.