[2025 Audit] "Daewang Whale" Project Resurfaces at National Assembly... Industry Minister Says "Evaluation Should Be Based on Technology, Not Politics"

Ruling Party Accuses Government of "Exaggerating Results"
Opposition Responds: "Challenges Lead to Experience"

Yonhap News Agency

Minister of Trade, Industry and Energy Kim Jungkwan reaffirmed his previous stance on the controversy surrounding the East Sea deep-sea gas field "Daewang Whale Project," stating, "There are some regrets, but it is difficult to conclude that it is a failure." He emphasized that the focus should be on the long-term nature of resource development and the accumulation of technology, rather than the political controversy surrounding the project.

At the National Assembly's Trade, Industry, SMEs and Startups Committee audit held on the 13th, Minister Kim said, "Deep-sea gas field exploration requires highly advanced technology, so the value of the project cannot be evaluated based solely on short-term results," adding, "The government is reviewing ways to enhance domestic exploration capabilities in cooperation with the private sector, using this project as an opportunity."

On this day, the Democratic Party of Korea raised comprehensive questions about the project's implementation process and the content of its announcements. Democratic Party lawmaker Song Jaebong pointed out, "The Yoon Suk-yeol administration promoted the project extensively despite knowing that the likelihood of discovering a commercially viable gas field was low," and criticized, "The Daewang Whale Project was nothing more than a briefing event designed to mislead the public." He also said, "It was highly inappropriate for former President Yoon to cite budget cuts as a reason for emergency martial law," and argued, "It is a dangerous perception to drag industrial policy into a military logic."

Democratic Party lawmaker Kwon Hyangyeop also claimed, "The Ministry of Trade, Industry and Energy stated that 1,700 samples were analyzed through external organizations such as Corelab, but in reality only 491 samples were analyzed," questioning, "Was this a case of manipulating statistics to exaggerate the results?" He stressed, "Any project funded by taxpayers' money must guarantee transparency and accountability."

In response, the People Power Party argued that the unique characteristics of resource development projects must be taken into account. People Power Party lawmaker Seo Iljun said, "It is unreasonable to dismiss the entire project just because one out of twenty promising structures failed during drilling," and added, "In the past, the East Sea gas field only succeeded in commercial production on the eleventh drilling attempt." He further remarked, "Resource development is a business that accumulates technology through repeated challenges and failures, so attacking the government based solely on short-term results is irresponsible."

The efficiency of budget spending was also brought into question. According to materials submitted to the National Assembly, Korea National Oil Corporation invested about 60% of its exploration and drilling costs in the East Sea gas field over the past ten years, but there has been no record of commercial returns. In response, Minister Kim said, "I acknowledge that some past projects were inefficient, but in the field of deep-sea exploration, the core goal is to secure mid- to long-term technology rather than short-term profits," and added, "We will review the business feasibility again in cooperation with the private sector going forward."

Minister Kim emphasized, "Deep-sea gas fields are technically challenging and require long-term investment, so it is not desirable to deny the entire project based on partial results," and added, "The government will use this experience to further advance exploration and drilling technology, and will work with the private sector to establish a new model for resource development."