This is probably another reason why the Yoon administration should not have made this possible find of oil of the coast of Korea public because the opposition controlled National Assembly doesn’t want to give them credit:
The government’s ambitious project to excavate oil and gas in the East Sea is expected to face challenges in securing a budget from the National Assembly, according to sources, Sunday.
While the government aims to allocate a budget of 100 billion won ($72.4 million) next year for initial drilling, the main opposition Democratic Party of Korea (DPK) is putting on the brakes, first demanding the transparent disclosure of relevant information regarding the project.
According to the government, a budget of 100 billion won is needed for drilling one prospective structure. Its goal is to commence initial exploratory deepwater drilling within the first half of the 2025, following sequential exploratory drilling of the four remaining prospective structures.
For next year, following the usual practice, the government plans to cover approximately 50 percent of the total project cost, or 50 billion won, through the Korea National Oil Corp. (KNOC). The remaining 50 percent will be provided as government loans to KNOC.
Korea Times
Here is the reason the opposition is giving:
“The trade ministry and the KNOC have refused to submit key documents, including those related to the appropriateness of Act-Geo’s selection, the bidding process, project feasibility evaluation results, the list of domestic and international advisory panels, meeting minutes and final reports,” the lawmakers said.
They stated that a review of relevant documents submitted by the government is needed before determining the appropriateness of the proposed budget.
The ruling People Power Party refuted the claims, saying the DPK is objecting for political purposes
It is pretty clear that the opposition will keep delaying funding for this oil find just to ensure the Yoon administration doesn’t get credit for it.
It appears Korea’s prosecutor general will soon question South Korea’s First Lady about the handbag scandal:
Prosecutors are considering summoning first lady Kim Keon Hee over her controversial acceptance of a Christian Dior bag from a pastor in 2022, with the country’s top prosecutor saying that “no one stands above the law,” in reference to Kim’s case.
If Kim appears before prosecutors, it will be the first instance of the authorities questioning the wife of a sitting president. This event is likely to create massive political turmoil, adversely affecting public sentiment toward President Yoon Suk Yeol.
Korea Times
The handbag scandal was clearly a political hit job, but it is unclear the consequences Kim Keon-hee could face:
The Act on Improper Solicitation and Graft stipulates that the spouse of a public servant must not receive, request, or promise to receive any money or goods exceeding 1 million won in connection with the official’s duties. However, the act does not specify punishments for the spouse.
If Kim were to be punished, prosecutors should indict her on charges of bribery or breach of trust, which is stated in the Criminal Act. In this case, there should be evidence showing that Choi received unfair or illegal benefits. Due to this, controversies are expected to continue over-interpreting legal aspects of the case.
You can read more at the link, but it will be interesting to see how this plays out because Choi never received any benefits from the First Lady after giving her the handbag.
The owner of the company that found there is a possibility of a large oil and gas reserve off the coast of Pohang is currently in South Korea meetings:
The owner of the U.S.-based geoscience research company Act-Geo, which took part in South Korea’s project for potential offshore oil and gas reserves, arrived in the nation Wednesday for meetings with government officials.
Vitor Abreu, the owner of the Houston, Texas-based research firm, arrived at Incheon International Airport, west of Seoul, noting his visit was aimed at following up with the state-run Korea National Oil Corp. (KNOC) on the potential discovery of up to 14 billion barrels of gas and oil.
“I came here to discuss with the KNOC what’s the best way for us to approach this and actually to give a better or more clear response for the Korean people in this very, very important project,” Abreu told reporters upon his arrival.
Abreu refrained from offering more details on the project, citing a “confidentiality agreement” with the state-run firm.
Yonhap
Here is how the article responded to claims from critics about the creditability of Abreu’s company:
The government commissioned Act-Geo to conduct a study in February last year, which reported that the deposits could hold between 3.5 billion and 14 billion barrels of gas and oil.
Meanwhile, there have been rising questions surrounding the credibility of the firm, with some claiming that the address of the company headquarters was that of a residential house in suburban Houston.
In response, the KNOC said Abreu was a veteran of 30 years in the field of deep-sea exploration and previously served as the head of the geology division at ExxonMobil and the president of the American Association of Petroleum Geologists.
The company also said that during his days at ExxonMobil, Abreu played a leading role in the exploration of the largest deep-sea oil field in Guyana, South America.
You can read more at the link.
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
You can read more at the link.
That is what one elderly Korean woman warned a Youtuber recently hiking alone on a mountain:
A video of a middle-aged woman warning a female YouTuber who climbed the mountain alone, saying, “You shouldn’t come to the mountain alone,” is a hot topic online.
On the 27th, a number of online communities posted an article titled “A lady advising a female YouTuber who climbs alone.”
This article is a compilation of a video filmed by YouTuber “A Million Songhee in the Mountain” with 280,000 subscribers at Samaksan Mountain in Chuncheon, Gangwon Province, on the 25th of last month.
At that time, YouTuber 1 million Song-hee said, “There are really no people today,” and “It’s a little scary because it’s been a long time since I’ve experienced this.”
Meanwhile, a middle-aged woman A, whom she encountered, began to tell a million Song-hee how dangerous it was to climb a mountain alone.
A said, “My friend was supposed to go with me, but I had a puncture, so an old lady went to the mountain alone,” and “A man sexually harassed and died on the spot.” It’s been about five years,” he told a million Songhee about what happened in the past.
Maeil Kyeongchae
You can read more at the link, but I think the dangers of hiking alone for females is overstated. There is probably more risk having a fall or medical emergency than someone hiding in the woods to kill you.
I don’t know why any company withe sensitive technology would hire a Chinese national when China literally has a law that states their citizens must assist with espionage if asked:
A Chinese national who worked for SK hynix is on trial for allegedly stealing key semiconductor technology from the Korean chipmaker for Chinese IT firm Huawei, the latest in a series of chip technology leaks to Chinese firms, according to the police, Tuesday.
The Gyeonggi Nambu Provincial Police said a woman in her 30s, a Chinese national, was sent to prosecutors last month on suspicion of violating the Act on Prevention of Divulgence and Protection of Industrial Technology.
The former SK hynix employee was hired by the company in 2013 and worked in the department responsible for analyzing defects in semiconductor designs. From 2020 to 2022, she was involved in consultations with business-to-business client in China, according to the police agency.
The Chinese national returned to Korea in June 2022, and moved to Chinese IT company Huawei the same month. Shortly before leaving the Korean company, she allegedly printed out more than 3,000 sheet of documents related to front-end semiconductor manufacturing technology.
Korea Times
You can read more at the link.
South Korea has another domestically developed defense system that not only upgrades their own defense, but can serve as an export as well:
South Korea has completed development of the homegrown Long-range Surface-to-Air Missile (L-SAM) system, the state arms procurement agency said Saturday, marking a major step in efforts to bolster the military’s air defense capabilities.
The L-SAM, which is designed to shoot down incoming targets at altitudes of 50-60 kilometers, was recently assessed as combat-suitable as it met the military’s technical requirements, according to the Defense Acquisition Program Administration (DAPA).
With the completion of its development, the L-SAM is expected to begin production next year and be deployed for operations by 2028.
Yonhap
You can read more at the link.
This is a bit surprising that the Chinese have decided to join the ROK and Japan in a trilateral summit in Seoul:
Leaders of South Korea, China and Japan will hold a long-suspended trilateral summit in Seoul next week for the first time in 4 1/2 years, the presidential office said Thursday.
President Yoon Suk Yeol will meet with Chinese Premier Li Qiang and Japanese Prime Minister Fumio Kishida in Seoul on Monday, Principal Deputy National Security Adviser Kim Tae-hyo said during a press briefing.
Yoon will separately hold bilateral talks with Li and Kishida at the presidential office on Sunday. It will be Li’s first visit to South Korea since taking office in March 2023.
It marks the first trilateral summit among the Asian countries since December 2019, after a hiatus due to the COVID-19 pandemic and strained Seoul-Tokyo relations over historical disputes.
Kim said the summit will cover six areas of cooperation, comprising economy and trade, sustainable development, health issues, science and technology, disaster and safety management, and people-to-people exchanges, which will be included in a joint statement.
Yonhap
You can read more at the link, but it will be interesting to see if any tangible comes out of this.
