South Korean government on Monday authorized drilling off the country's southeastern coast for oil and natural gas reserves a recent study by a foreign seismic research company indicated would be equivalent to about 14 billion barrels of oil.

The resources are believed to be in the in the shores off the Yeongil Bay near Pohang, about 260 kilometers southeast of Seoul, President Yoon Suk Yeol said in a briefing at the presidential office in Yongsan, Seoul. If confirmed, he said the reserve would be enough to supply the entire country's natural gas consumption for up to 29 years, and its oil consumption by up to four years.

"In February, our administration entrusted the assessment of the geophysical exploration (of the area) to the top-tier experts, based on belief that there may be more oil and gas in the East Sea," President Yoon Suk Yeol said in a briefing held at the presidential office in Yongsan, Seoul. "It recently suggested that there are about 14 billion barrels worth of oil and gas in the area, which had been verified by various research institutes and experts."

Yoon said he approved the Ministry of Trade, Industry and Energy's plan to explore and drill in the area, which would yield some results by the first half of next year.