SEOUL, June 3. /TASS/. A potentially massive oil and gas reserve could be buried off the southeast city of Pohang, President of the Republic of Korea Yoon Suk Yeol said.

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 told a briefing.

"The recent results indicate a very high possibility of deposits amounting to 14 billion barrels of oil and gas, and these findings have been verified by leading research institutions and experts," he said.

The Ministry of Trade, Industry and Energy has approved the exploration drilling plan, with preliminary results expected by the first half of next year, Yoon added.

Industry Minister Ahn Duck-geun said that the maximum potential deposits of 14 billion barrels are equivalent to five times the market value of Samsung Electronics, which is estimated at $328 bln. "We anticipate commercial development to start around 2035, but it is difficult to specify an exact timeline until the deposits are confirmed," he said.