South Korea's state-run oil developer said Tuesday it has picked an adviser for the exploration of potential oil and gas reserves off the nation's East Sea.

The Korea National Oil Corp has named S&P Global as the adviser for a project in the East Sea that could potentially uncover between 3.5 billion and 14 billion barrels of gas and oil.

If confirmed, the quantity would be sufficient to meet the country's gas demand for up to 29 years and its oil demand for four years.

The KNOC and S&P Global will map out a strategy of how to attract investment for the project.

The KNOC earlier said it had hosted a road show to attract foreign investment, with major global players, including U.S.-based ExxonMobil, Saudi Aramco and Italy's Eni, having shown interest in the project.

Costs have been one of the major hurdles for the development project, as drilling a single hole is estimated to cost around 100 billion won ($75.3 million) to 130 billion won.

The country is aiming to carry put the first drilling operation in December. (Yonhap)