Act-Geo CEO Visits Korea to Address East Sea Oil Project Controversy https://www.yna.co.kr/view/AKR20240605053451003?input=1195m Act-Geo CEO Arrives in Korea : "Here to Clearly Explain 'East Sea Oil'"Vitor Abreu, CEO of Act-Geo, the American company responsible for analyzing the East Sea deepwater oil and gas reserves, stated on the 5th, "This project is very important, so I came to Korea to provide a better and clearer answer to the Korean people." Abreu, who arrived at Incheon Airport that day, met with reporters at the arrival hall and explained the purpose of his visit, saying, "After the announcement regarding the East Sea deepwater gas field, many questions were raised in Korea, so I decided to visit." When asked if he believes the East Sea deepwater gas field has high economic viability, he replied, "Yes," but added, "Due to a confidentiality agreement with the Korea National Oil Corporation, I cannot provide detailed information." He further commented, "I have been trying to explain to as many people as possible, but there are numerous requests every day, so I am asking the oil corporation to communicate on our behalf." He stated, "We were commissioned by the Korea National Oil Corporation to evaluate the business feasibility of the surveyed blocks," and added, "What we reviewed includes new data that had not been deeply analyzed before." He added, "We will provide more information soon to resolve the ongoing controversy," and then left the airport. The Ministry of Trade, Industry and Energy announced that they would hold a press conference at the Sejong Government Complex on the 7th, with Abreu in attendance, to address questions related to the development of the East Sea deepwater gas field. https://www.yna.co.kr/view/AKR20240605053451003?input=1195m In an interview conducted via social media messenger with Yonhap News on his flight to Korea, Abreu emphasized, "Act-Geo is one of the best companies in the world in this field." Responding to questions about doubts raised on Korean social media regarding Act-Geo's credibility, he said, "We have a high reputation in this industry. Our clients include major companies such as ExxonMobil, Total, Apache, Hess, CNOOC (China National Offshore Oil Corporation), POSCO, YPF (Argentinian national energy company), Pluspetrol, and Tullow." Abreu described Act-Geo as "a niche company specialized in deepwater reservoir exploration worldwide," and noted that "compared to traditional consulting firms, we are smaller in scale." He explained, "Our business strategy is to operate small and agile. We don't own buildings or have multiple vice presidents, but instead work in a horizontal structure." He emphasized that Act-Geo primarily confirms the existence of oil structures in deepwater and assesses their quality, stating, "We collaborate with world-renowned experts who are recognized in key areas." He explained this business approach by saying, "There are many capable geoscientists and engineers in the oil industry, and we can now connect various countries remotely to work on projects together. This is to leverage such advantages." https://www.yna.co.kr/view/AKR20240605053451003?input=1195m He added, "Each expert can participate accurately and in real-time when needed, ensuring no project delays and allowing flexible responses to changes in priorities or project goals. This increases efficiency and significantly reduces the cost burden for our clients." Aware of the controversy surrounding his qualifications, he stated, "I have been the owner of Act-Geo, registered in Texas, USA, since 2017. After retiring as a senior executive from ExxonMobil, I started my career as a consultant in 2015, involving myself in deepwater projects worldwide." He emphasized, "With nearly 40 years in the oil industry, I have worked at over 50 sites on all continents. I am currently an adjunct professor at Rice University in the US and the author of a best-selling book on petroleum geology in the scientific field." Additionally, he introduced his background as a former president of the Society for Sedimentary Geology (SEPM), an author cited in numerous scientific papers, and a chair of global scientific conferences in the petroleum field. He also mentioned being appointed the inaugural Distinguished Lecturer by the American Association of Petroleum Geologists, during which he gave lectures on petroleum geology in 15 countries over the past year and received a scientific award. #ActGeo #EastSeaOil #VitorAbreu #DeepwaterExploration #OilAndGas #EnergyNews #KoreaVisit #PetroleumGeology #IndustryExperts #EnergySector #EnergyExploration #GasFieldDevelopment #InternationalCooperation All rights reserved Stay14 Bespoke Source : https://www.yna.co.kr/view/AKR20240605053451003?input=1195m
