Huge oil and gas potential in North Korea
A recent article from GeoExPro has indicated that North Korea has ‘excellent’ oil and gas exploration potential onshore and offshore.
China conducted surveys back in the 1960s, followed on by Russia, Switzerland and Malaysia. There is now clear evidence to show the potential in North Korea however the current political climate, industry sanctions and huge water depths off the east coast have presented hughe barriers to further development.
Despite the shortage of national funds and a clear struggle to meet energy demands there is continued interest in investing in North Korea. The China Railway Investments Group have announced they are planning large scale investment in oil and gas in North Korea.
Due to its current nuclear weapons programs North Korea is under international United Nations economic sanctions which ultimately restrict access to International banking, trade and travel. North Korea is also under further sanctions specifically with the USA, Canada, UK, China and Japan.