The drilling vessel that embarked last month to verify oil and gas deposits in the “East Sea Deep-Sea Gas Field” (Blue Whale Project) returned to Busan Port early Thursday after completing its initial drilling operation. The extracted samples will be sent to a foreign specialized analysis firm for comprehensive examination. The Blue Whale drilling results, which has garnered attention for its potential 14 billion barrel oil and gas reserves, are expected to be released as early as May or June.
Industry sources reported that the West Capella, the drilling ship that departed Busan for the waters off Pohang last month, returned in the early hours after finishing its operations. The ship was initially scheduled to return on Tuesday but was delayed due to adverse weather conditions. After a brief stopover in Busan Port, the vessel is set to depart for an overseas assignment.
The West Capella initiated its first drilling operation for the Blue Whale Project on January 20. The Korea National Oil Corporation drilled over 1 kilometer below sea level to obtain rock samples from the continental shelf. Schlumberger, a leading American oilfield services company, will analyze the samples.
Schlumberger will employ mud logging, a technique that examines rock and gas components, to determine the presence of resources in the seabed off Pohang. This analysis is expected to take several months. The government aims to release preliminary findings as early as May or June.
The outcome of this initial drilling operation will likely shape the future of the Blue Whale Project. The first drilling required an investment exceeding 100 billion KRW (approximately $75 million). Given that most of the project’s budget was cut during National Assembly reviews, the results of this first sample analysis will be crucial in determining whether further drilling operations can proceed.
Meanwhile, reports indicate that the government has identified 14 promising structures near the Blue Whale site, increasing interest in oil and gas reserves off the Pohang coast.
The Ministry of Trade, Industry, and Energy reported that Actgeo, a U.S.-based deep-sea technology assessment firm, identified 14 promising structures with significant gas and oil potential in its “Ulleung Basin Additional Prospect Evaluation” report. Actgeo estimates that these 14 structures could contain between 68 million and 517 million barrels of reserves. The most promising structure, dubbed “Goblin Shark,” is believed to potentially hold up to 129 million barrels of gas and oil reserves.
However, the Korea National Oil Corporation has only received these preliminary findings, and further expert validation is necessary. The Ministry of Industry has also stated that it plans to seek additional expert verification.