(MENAFN) South Korea is pushing for the construction of a new oil drilling ship to replace the existing outdated vessel, a state-run geology and resources research center stated today.
The Korea Institute of Geoscience and Mineral Resources (KIGAM) has obtained state approval to conduct a six-month preliminary feasibility study on the construction of the 5,000-ton vessel.
If the project passes the feasibility study, construction will likely begin in 2018 for completion in 2022, with a whopping cost which is most likely to hit and even cross USD167 million.
The envisioned exploration vessel will be armed with state-of-the-art gas and oil exploration equipment using 3D and 4D technology and will explore gas and oil in the country's continental shelf.
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