A 47-day drilling operation at the “Blue Whale” site, which concluded on Feb. 4, failed to yield sufficient hydrocarbons to justify commercial production, the ministry said.
“While reservoir and cap rock thickness, along with porosity levels, exceeded our expectations, we could not confirm hydrocarbon deposits substantial enough to ensure economic feasibility,” a ministry official told reporters.
The "Blue Whale" site is one of seven potential gas-bearing formations identified in South Korea’s eastern waters. A full analysis is expected in August following further laboratory testing.
Despite the setback, the ministry expressed confidence in the remaining six sites, noting that international investment could play a crucial role.
The drilling campaign, launched on Dec. 20 by state-run Korea National Oil Corp. (KNOC), was initially believed to hold up to 14 billion barrels of oil and gas reserves. The project had been backed by President Yoon Suk-yeol.
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