<1997
These documents indicate oil reserves of 8-10 billion tons. This information was released at Rajin-Sonbong seminars held in Japan and reported by Sankei-Shinbun, a major Japanese newspaper. Jo-Chong-Ryon (General Association of Koreans Resident in Japan) has published a lower figure of 6 billion tons.

A Japanese petroleum engineer has examined samples provided by North Korea at a Rajin oilfield and determined the crude to be of high grade. North Korea is looking to joint-venture with major oil exploration companies to co-develop its hydrocarbon reserves as part of the Rajin-Sonbong Free Trade Zone.
North Korea's Oil Fields

1997
North Korea has been touting its enormous oil reserves for several years but until recently, the international oil community has ignored Pyongyang's claims as sheer propaganda and fiction.

Late last year, North Korea published veritable geological data made by North Korean and refutable Western oil engineers. Several multi-national giants (including S. Korea's Daewoo and U.S. Stanton) are eager to move in. North Korea plans to form a KEDO-like international consortium to bring up its black gold.

In early October of 1997, North Korea and Japanese promoters organized a seminar on the hydrocarbon exploration opportunities in North Korea in Tokyo. Dr. Dong R. Choi, a Korean geologist, based in Australia and a technical adviser for Petrex Co. Ltd., Tokyo, presented a summary of the massive survey logs on North Korea's oil formations.

Petrex Co. LTD is the sole agent of the Ministry of Oil Industry of North Korea. Its offices are at: 1-12-1, Imai, Chuo-ku, Chiba City 260, Japan, Tel. +81-43-265-1666, Fax. +81-43-266-1204 and 1-1-25-401, Seishin-cho, Edogawa-ku, Tokyo, Japan, Tel. & Fax. +81-3-3680-5763
North Korea's Upcoming Oil Boom

2001
North Korea lacks domestic petroleum reserves, but the West Korea Bay may contain hydrocarbon reserves, as it is considered to be a geological extension of China's Bohai Bay. Sweden's Taurus Petroleum holds an oil exploration concession for two blocks, B and C, off the west coast of North Korea. Britain's Soco International holds the concession for Block A. Initial seismic surveys conducted by Taurus have identified possible oil-bearing geological structures. The two companies have held separate discussions with South Korea's Korean National Oil Company (KNOC) and Hyundai about possibly forming a consortium for joint exploration of the areas. Australia's Beach Petroleum also holds a concession for one block off the east coast of North Korea, which is considered less promising. The Japanese firm Petrex also holds a concession for exploration in the Sohan Bay.

In the meantime, North Korea must import all of the oil it consumes. Oil accounts for about 10% of total North Korean primary energy consumption, and is mostly limited to non-substitutable uses such as motor gasoline, diesel, and jet fuel. With the exception of the heavy fuel oil being provided under the nuclear agreement cited below, most petroleum is imported as crude oil and processed at domestic refineries. Under the 1994 "Agreed Framework," the United States assumed responsibility for providing 500,000 metric tons (approximately 3.3 million barrels) of heavy fuel oil annually through Korean Peninsula Energy Development Organization (KEDO).
North Korea

It's very likely present, B., and in virgin fields -- and global corporations -- including those in the bad ol’ U.S. of A. -- are interested, and posses more than enough ability to exploit the resource.

Dan