The site named "Blue Whale," spans the northern parts of Blocks 8 and 6-1 in an east-west direction and is estimated to have the largest oil and gas reserves among seven promising structures identified in the area. The KNOC is currently finalizing its review before formally requesting drilling approval from the Ministry of Trade, Industry and Energy.
"The corporation has tentatively set the location for the first drilling well and is conducting a review," an industry official said. "Once the final review is completed, they will officially request drilling approval from the Ministry of Trade, Industry and Energy."
The government and the KNOC plan to commence drilling in December, following the project timeline. They are proceeding with practical preparations, including securing a backup port and deploying drilling ships to the site.
Based on analysis by Act Geo, a geoscience consulting company, the government and KNOC estimate a 20 percent success rate for developing one promising structure in the East Sea. They anticipate the need to invest over 500 billion won over several years to drill at least five sites.
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