Minister Kim Jeonggwan Criticizes 'Daewang Whale Project' and Calls for Innovation and Performance in Public Institutions

Minister Kim: "Difficult to Accept Promotions and Bonuses for 'Daewang Whale' Project"
Emphasis on Accountability and Transparency in Public Institutions
Comprehensive Review of Finances, Supply Chains, and Performance

On January 12, the Ministry of Trade, Industry and Energy held a work report session for its affiliated agencies in the resources and export sectors at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul. During the session, the "Daewang Whale Project," a deep-sea gas field development initiative by Korea National Oil Corporation (KNOC) in the East Sea, became the focal point of inquiries.

Minister Kim Jeonggwan strongly criticized the fact that those in charge of the Daewang Whale Project, which has been assessed as economically unviable, received promotions and performance bonuses last year, during KNOC's work report.

Minister Kim stated, "I was shocked to learn during the National Assembly audit that staff responsible for the Daewang Whale Project received high performance evaluations and promotions," adding, "It is surprising how such a situation could be possible."

He further pointed out, "The problem is not the failure itself, but if the highest performance ratings were given despite doubts about the transparency and procedural rationality of the process, it is difficult to accept." He called on KNOC to fundamentally reform its organizational structure and evaluation system.

Choi Moonkyu, Acting President of KNOC, explained, "Performance evaluations and promotions were based on internal KPIs, such as preparations for drilling." However, Minister Kim insisted, "You must begin with immediate internal reforms," and urged the company to adjust the pace of its plan to prepare an innovation proposal by May.

Vice Minister Moon Sinhak also raised questions, expressing regret that the company claimed it had "simply followed the set procedures" for performance evaluations, and emphasized the importance of accountability and transparency in public institutions.

Meanwhile, the work report session reviewed the key tasks for all public institutions in the resources and export sectors, including stabilizing core mineral supply chains, improving financial soundness, and ensuring orderly retirements as part of management efficiency initiatives. In addition to KNOC, current issues and implementation plans from related organizations such as Korea Mine Rehabilitation and Mineral Resources Corporation, Korea Coal Corporation, and Korea Trade Insurance Corporation were also reported.

Minister Kim stressed, "Through the preparation process for this work report, I have come to realize the weight of responsibility and roles of these institutions," adding, "Six months from now, you will be evaluated not on your plans, but on your results."