Andeokgeun "Daewang Whale Oil System Evaluation Results to be Announced in May"

Anduk Geun, Minister of Trade, Industry and Energy, announced plans to release the analysis and evaluation results of samples collected from the first phase drilling of the East Sea deep-sea gas field 'Daewanggorae' around May.

Anduk Geun, Minister of Trade, Industry and Energy, is responding to committee members' questions regarding the three energy laws (Electric Power Network Expansion Act, High-Level Radioactive Waste Disposal Act, Offshore Wind Power Special Act) at the full meeting of the National Assembly's Trade, Industry, Energy, Small and Medium Venture Business Committee on the 19th. Photo by Yonhap News

On the 19th, at the plenary meeting of the National Assembly's Trade, Industry, Energy, Small and Medium Venture Business Committee held in Yeouido, Seoul, Minister Ahn said, "We will announce the provisional evaluation results of the data confirmed during this exploration around May," adding, "We will quickly verify the promising petroleum system evaluation analyzed by Actgeo and explain it as soon as possible."

The Ministry of Trade, Industry and Energy concluded that the first drilling of the Daewanggorae promising structure, one of the seven promising structures in the East Sea deep-sea gas field, was not economically viable. However, Minister Ahn appears to believe that the exploration results will help assess the potential of the remaining six promising structures.

He stated, "The Daewanggorae promising structure is wide and thin, and nothing erupted during this first drilling," but emphasized, "If this wide structure is separated, additional exploration may be necessary in other structures, and we need to analyze the drilling data to know. Just because nothing (oil or gas) came out from this one drilling, it is excessive to say 'everything failed and everything must be overturned.'"

He also said, "I do not consider the Daewanggorae project a failure," adding, "Regarding the petroleum system confirmed this time, I heard it is more reliable than Actgeo's promising evaluation. I believe that by correcting errors based on the secured data, the success rate will increase in further exploration."