Vitor Abreu, an advisor from the American company ACT-GEO, which raised the possibility of oil and gas reserves of up to 14 billion BARREL in the Donghae Yeongilman area, is reported to currently be reviewing the potential for hydrocarbon exploration and development in Bolivia. ACT-GEO is currently focusing on geological education seminars and program promotion.
Abreu is dedicated to resource exploration in South America after founding the energy company FLUXUS-OGE in Brazil in 2023. The state-run Yacimientos Petroleros Fiscales Bolivianos (YPFB) announced earlier this month that it signed a business agreement with the Brazilian company FLUXUS-OGE for hydrocarbon exploration. FLUXUS-OGE will explore how much hydrocarbon is deposited in the Subandino Sur basin in the Tarija region of southern Bolivia and is set to submit a service report in the second quarter. Hydrocarbons are used as fuels such as oil and natural gas.
FLUXUS-OGE is a company founded by Vitor Abreu in May 2023. In December of the same year, it was sold to the wealthy Batista brothers in Brazil, and Abreu serves as the chief technology officer (CTO). Abreu's personal social media profile mentions that he serves as a co-founder and CTO at FLUXUS-OGE.
ACT-GEO, known as an advisory company for the Korea National Oil Corporation (KNOC), is led by Rene Jonk, a geologist from the UK who has known Abreu for over 20 years. Jonk was recruited by ACT-GEO in June of last year, at a time when suspicions arose that Abreu was operating the company as a small business alone.
The headquarters address of ACT-GEO is a house in Houston, Texas, and due to its registered business area being 'vocational training and related services,' there were reliability controversies. Some pointed out that ACT-GEO hastily added a 'consulting' menu to its official website, suggesting that it was quickly creating a business area.
Under Jonk's leadership, ACT-GEO is currently focusing on seminars and program promotion. They introduce a geological exploration training course known as Geology Field School, where participants can receive field exploration education in various regions. In the first half of this year, they plan to conduct exploration training courses for individuals and companies in the U.S. and Europe. They highlight that one of the advantages is the ability to receive training at reasonable prices for experts.
Recently, ACT-GEO also mentioned the possibility of more than 5.1 billion BARREL of gas and oil being buried in the Ulleung Basin. The Korea National Oil Corporation (KNOC) is reported to have paid ACT-GEO a total of $2.95 million (approximately 4.263 billion won) in service fees, including $1.25 million in 2023 and $1.7 million last year.