I used to work for a geological laboratory in Canada. Let’s just say that I can tell you most of the older mines don’t go out of their way to correct the rumors that they only have a very limited amount of ore left. In fact, they themselves spread the rumors (the largest one in my home town has had 20 years of ore left for the last 40. They always make a big show out of having ‘found’ new ore, though.). Many mining and oil companies keep these things secret, in part for two very simple reasons: it keeps the prices high as it creates the false impression that the resources is growing scarce (and drives the price high enough so that it is profitable to exploit new sources) and the unions make fewer demands at the bargaining table when they don’t know about the treasure the company is sitting on and if they worry about a shutout.

The technology to separate the “hydrate” from the “gas” economically has yet to be developed. Japan is working to have it work by 2016.

Besides, this “methane ice”, as it is also called, is much more abundant than conventional natural gas (2~10 times?). So by the time Korea gets around to start processing, after of course they receive the technology from Japan, everyone else would be doing it.

For a moment there it seemed that the idea of Korea being devoid of natural resources and the only resource it has to rely on is human, and which has been doggedly driven into my brain from years in the Korean education system, was in jeopardy. You scared me.

There is a danger, though, given the propensity of Korean officials to steal and the proven allure of petro-money, that significant sums will be siphoned off through various schemes designed to enrich the elite rather than the general citizenry. And a government inclined toward make-work and the expansion of the civil service ranks would probably allocate a large portion of the money toward hiring more staff.