The development project of the East Sea deep-sea gas field, known as the "Blue Whale" project, is facing criticism following the Ministry of Trade, Industry and Energy's announcement that it lacks economic viability. In particular, discontent erupted from the ruling party over the ministry's rush to disclose the first exploration drilling results on the 6th, three months earlier than initially planned for May. Some interpret this as the government distancing itself from the political sphere.
According to the government and the National Assembly on the 10th, the People Power Party expressed displeasure on the 7th regarding the ministry's announcement, stating, "We feel very regretful." In light of past cases, such significant government announcements have typically been made after consultations within the party, and the lack of such consultations is the reason for their discontent.
The ruling party's dissatisfaction directed at the government also surfaced during a meeting of high-ranking government officials on that same day, where they gathered to review people's livelihood policies. People Power Party floor leader Kwon Seong-dong reportedly criticized during the meeting that "public officials are losing their obligation to remain politically neutral."
The Ministry of Trade, Industry and Energy has not officially stated the reason for not going through party consultations prior to disclosing the drilling results. However, a ministry official, speaking on condition of anonymity, noted, "I believe there has never been an instance where a government announcement was 'officially' consulted with the party beforehand."
However, within the government and external observers, there is a strong belief that this announcement is likely the result of political judgment. During a briefing on the 6th, a high-ranking official from the ministry also mentioned political aspects directly. At that time, the official stated, "Unexpected political interventions have caused controversies in the political sphere regarding (economic value), and I apologize for that, although it was unintended."
Some suggest that officials related to major government policies have previously found themselves embroiled in legal disputes with political entities, leading to interpretations that this might be an action to prevent such occurrences. A notable example involves former officials from the ministry who were indicted in January 2021 for obstructing the Board of Audit and Inspection's inquiry by deleting data related to the early closure of the Wolseong Nuclear Power Plant. They were only acquitted in April of last year.
Ji Byeong-geun, a professor at Chosun University's Department of Political Science and Diplomacy, stated, "Currently, under the acting president system, the government's control has weakened, and it may have been judged safer to distance itself from politics, regardless of the ruling or opposition parties."
Additionally, the rising public interest in the "Blue Whale" project is considered one of the reasons for the early announcement, as volatility in related thematic stocks has increased. In fact, stock prices for related projects have surged whenever optimistic forecasts regarding drilling emerged. The stock price of Korea Gas Corporation reached 49,350 won on June 4th last year, its highest in two and a half years.
Following that, the stock price of Korea Gas Corporation rose to 64,500 won on June 20th last year but had since been on a downward trend. And after the announcement of the cancellation of the "Blue Whale" project, on the 7th, it recorded a drop of 13.82% compared to the previous day's closing price, standing at 30,550 won. As of the 10th, the stock price remains around 30,000 won.
An official from the ministry explained, "Given the project's significant interest, the announcement took market influences into account, and if the drilling ship had not departed, there wouldn't have been a precise timing for announcement."