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PPP interim chief calls for continued drilling in East Sea despite gov't skepticism

Published: 07 Feb. 2025, 18:03

SEO JI-EUN
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The conservative People Power Party interim leader Kwon Young-se speaks during a new year press conference of the party on Thursday at the National Assembly in western Seoul. [KIM KYEONG-ROK]

The interim leader of the conservative People Power Party, Kwon Young-se, called for continued drilling in Korea's deep-sea gas and oil reserves project in the East Sea on Friday, a day after the government announced that the project lacked sufficient economic value to warrant further investigation.

In an interview with SBS Radio, Rep. Kwon said that a single drilling attempt was insufficient to determine the project's viability.

“They drilled once, and it didn’t work out," he said. "If oil or gas were discovered immediately after a single drilling attempt, wouldn't every country be an oil producer?"

Korea began its first exploratory drilling on Dec. 20 in one of the seven potential oil and gas reserves identified last year in the deep sea off the coast of Yeongil Bay in North Gyeongsang — named the "Great Whale" project — which was also announced by now-detained President Yoon Suk Yeol. After nearly two months of operations, the Ministry of Trade, Industry and Energy reported that while signs of gas were detected, the hydrocarbon saturation rate — a key factor in estimating extractable oil and gas — was not "meaningful enough" to justify economic feasibility.

Kwon referenced the "resource diplomacy" policy of former conservative President Lee Myung-bak, defending his administration's efforts to secure key resources, including rare earth elements, despite opposition criticism.

“There were many criticisms centering around the rival party, and the next administration ended up selling off assets and withdrawing from those initiatives," he explained. "However, [prices of] those resources later soared, leading to criticism of the decision to pull out.

“Resource development requires a long-term perspective," Kwon added. "It’s inappropriate to criticize just because the first attempt didn’t yield results.”

Kwon also addressed his recent visit to the detention center where Yoon is being held, stressing that Yoon remains "the party’s leader" despite his suspension from duty.

“As someone responsible for the party, visiting him is the natural course of action,” Kwon said. “Some may criticize [the visit,] but not going would have been an act of cowardice.”

BY SEO JI-EUN [[email protected]]