Ulsan Gas Field"s Worth Questionable

A controversy on the economic value of a gas field discovered in the East Sea off the coast of Ulsan has erupted.
The gas was founded in a 'Whale 5' structure in 6-1 searching area, according to the Korea Petroleum Corporation.
Exploration results suggest the pocket holds approximately 3.4 to 4 million tons of gas.
However the Ministry of Commerce, Industry and Energy said on April 23, 'Although it turned out to be a gas field, a confirmation of the economic viability of extracting the gas is another problem that awaits drilling in four sites- located in the east, west, south and north- to determine the exact deposits.'
The estimated deposits are only good for five months of standard domestic usage, while 150 million dollars was already spent in exploration, so far. It is, therefore, still up for grabs if there is sufficient quantity and accessibility for full-scale development.
Hwashik Bong : trojans@joongang.co.kr