Drillship arrives for East Sea exploration project
Published: 09 Dec. 2024, 10:37
Updated: 09 Dec. 2024, 19:28
![President Yoon Suk Yeol gives a briefing at the presidential office in Seoul on June 3, announcing he has approved a project to explore and drill for oil and gas in the East Sea. [YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2024/12/09/65c994ba-3d70-432b-b65d-44968eafe4ab.jpg)
President Yoon Suk Yeol gives a briefing at the presidential office in Seoul on June 3, announcing he has approved a project to explore and drill for oil and gas in the East Sea. [YONHAP]
A drillship tasked with initiating the drilling operation for a major gas and oil exploration project in the East Sea arrived Monday at an offshore anchorage near the southeastern port city of Busan, the Industry Ministry said.
The arrival comes amid growing uncertainties surrounding the incumbent administration's flagship projects, including the exploration, which have been fueled by President Yoon Suk Yeol's botched martial law attempt last week.
The West Capella, operated by Norway-based Seadrill, will load necessary supplies over the next seven to eight days before launching its first operation, according to the Ministry of Trade, Industry and Energy and the state-run Korea National Oil Corp.
The drillship is set to depart for the first drilling site around Dec. 17 for the exploration project, which could potentially uncover between 3.5 billion and 14 billion barrels of gas and oil.
"The large-scale ship cannot dock at Busan New Port due to its shallow waters. The West Capella will anchor at a distance where it will be faintly visible from the Yeongdo District of Busan," an industry official said.
During an interview with Yonhap News Agency earlier this month, Industry Minister Ahn Duk-geun said that while a full analysis may take some time, the government is expected to confirm evidence of the presence of gas and oil in the first half of 2025.
The 228-meter-long (1,109-foot-long) West Capella was built by Korean shipbuilder Samsung Heavy Industries in 2008 and boasts a maximum drilling depth of 37,500 feet.
The exploration project, however, has faced hurdles, as the main opposition Democratic Party has pledged to cut the entire 49.7 billion won ($34.9 million) budget allocated for the drilling operation in 2025.
Political turmoil has also created even greater uncertainties following Yoon's short-lived declaration of martial law last week, with his subsequent remarks suggesting he would leave all decisions, including the possibility of his term ending early, to the ruling People Power Party.
Yonhap
with the Korea JoongAng Daily
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