Even amid the impeachment situation concerning President Yoon Suk-yeol, the exploration drilling to confirm whether gas and oil are actually buried in the promising structure under the East Sea will begin in earnest this week. The president made a direct 'surprise announcement' to the public, regarding what is being considered a 'Yoon Suk-yeol project,' known as the 'Great Whale' project. Observers suggest that if the potential for gas and oil deposits is not concretely confirmed in this first drilling, it will be difficult to secure additional exploration momentum.
According to the Ministry of Trade, Industry and Energy and the Korea National Oil Corporation, the drilling ship West Capella, which is docked at Busan Outer Harbor supplying necessary materials, is scheduled to depart around the 17th to 18th for the designated area within the promising structure of the Great Whale in the East Sea. The West Capella is expected to complete work preparations on-site and begin drilling operations for the first exploration drilling around the 20th. The schedule may be somewhat flexible depending on maritime conditions.
The Great Whale promising structure is elongated in an east-west direction spanning across the 8th and northern region of the 6-1 block in the East Sea. It is reported to be located within 50 km east of Pohang, the closest city in straight-line distance. The West Capella plans to drill down over 1 km to penetrate the seabed terrain and extract rock.
Subsequently, Schlumberger, a U.S. oilfield development company commissioned by the Korea National Oil Corporation, will perform mud logging by analyzing rock and gas components to confirm the presence of gas and oil. The Ministry of Trade, Industry and Energy and the Korea National Oil Corporation expect that it will take about two months just to secure samples through drilling operations. The first exploration drilling results are expected to be available in the first half of next year.
The exploration drilling of the Great Whale gas field, considered a 'Yoon Suk-yeol project,' is set to commence while the president's duties are suspended. Recently, the opposition party in the National Assembly completely cut the budget of 49.7 billion won for the first drilling project, forcing the Korea National Oil Corporation to raise the approximately 100 billion won needed for the project through issuing corporate bonds without government support. Many observers suggest that if clear potential does not emerge in the first drilling, the impetus for additional projects may weaken significantly.
Originally, this project was the Korea National Oil Corporation's own venture. The corporation, led by President Kim Dong-seop, an oil development expert who worked for over 20 years at the oil major Shell, initiated the Gwanggaeto Project, aimed at resource development in the continental shelf area of South Korea. Last year, the Korea National Oil Corporation concluded, through the analysis of physical survey data, that up to 14 billion barrels of gas and oil could be buried in the seven promising structures in the East Sea, including the Great Whale, highlighting the significant need for development.
Subsequently, after receiving this report through the Ministry of Trade, Industry and Energy, President Yoon, unusually, took the initiative for an urgent briefing to the public last June, enhancing public expectations, and the Great Whale project began to be seen as a project directly under President Yoon. An official from the Korea National Oil Corporation noted, “The gas field in the deep waters of the East Sea is an endeavor entirely unrelated to politics and should be viewed as a direction we need to pursue for the future of our country.”