SEOUL - South Korean President Yoon Suk-yeol said Monday that up to 14 billion barrels of crude oil and natural gas could be buried in the country's eastern waters.

Yoon told a televised press briefing that geophysical exploration showed a high possibility for a massive amount of oil and gas reserves off the coast of Yeongil Bay in Pohang, about 260 km southeast of the capital Seoul.

The South Korean president added that he approved the Ministry of Trade, Industry and Energy's exploration drilling plan, expecting the preliminary results to be announced in the first half of next year

READ MORE: S. Korea plans Mars landing in 2045 as it launches first space agency

The exploration was launched in February last year on expectations that more oil and gas fields could exist around the gas fields in eastern waters, where 45 million barrels of natural gas reserves were found in the late 1990s and were commercially produced to the end until 2021.

Yoon said the exploration indicated a "very high possibility" for as large as 14 billion barrels of oil and gas reserves that can meet South Korea's natural gas demand for 29 years and crude oil demand for four years.

ALSO READ: South Korea, UAE agree to slash import duties, strengthen ties

The South Korean president added that he approved the Ministry of Trade, Industry and Energy's exploration drilling plan, expecting the preliminary results to be announced in the first half of next year.