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● Giant Whale Gas Field – Second Attempt, Real Problem

The Great Whale Project and the Future of Oil and Gas Exploration in the East Sea

1. Overall Process of the Great Whale Exploration

Oil and gas exploration begins with geological surveys.
The first step is to investigate the sedimentary basin and the presence of oil in the rocks of the target area.
Physical exploration involves analyzing the underground structure using artificial seismic waves (using large air guns).
This process identifies promising oil-bearing structures and economic indicators such as porosity, permeability, and gas saturation.
These steps are the same as in general oil exploration work and are key keywords in the development of oil fields in the East Sea and overseas.

2. Economic Issues Revealed in the Great Whale

The Great Whale drilling exploration went through primary and secondary drilling.
In the primary drilling stage, promising structures were identified but deemed uneconomical, resulting in a failed production assessment.
As a result of detailed seismic data analysis of permeability, gas saturation, and layer thickness, the expected productivity was problematic.
Analysis revealed that the gas filling rate of around 5-10% was not economically viable.
In fact, South Korea’s East Sea gas field, ‘Sanguk’, has a stable production history of over 17 years, but the Great Whale fell short of expectations.

3. The Need for Foreign Capital and Risk Diversification

Oil and gas exploration is risky and costly.
Foreign capital participation and consortium formation are essential rather than sole development.
Collaboration with major overseas companies can distribute technology, capital, and risk.
In this case, stable development is possible through foreign investment while securing 60-70% of domestic shares.
It is understood as a necessary investment according to long-term strategy and global economic outlook rather than concerns about national wealth outflow.

4. East Sea Gas Field and Future Development Strategy

The East Sea gas field is a stable model that has been in production for 17 years since 1998.
Compared to the Great Whale, the East Sea gas field is a representative case where economic feasibility has been proven.
Domestic and foreign experts are considering the possibility of producing more than 1 billion barrels through additional drilling of the Great Whale.
However, at this stage, there is uncertainty about whether it is possible to dig deeper and conduct additional drilling.
Therefore, a phased development strategy through continuous data analysis, technological innovation, and foreign investment attraction is required.

5. Global Oil Field Comparison and Long-Term Outlook

Compared to global oil fields such as the US, the Gulf of Mexico, the Great Whale’s reserves are presented as 3.5 billion to 14 billion barrels.
However, in terms of confirmed reserves, the actual production potential is low.
Like the success stories of overseas oil fields, South Korea should actively participate in the development of the East Sea and other overseas oil fields based on its technological prowess.
Major terms such as oil, gas, exploration, oil fields, and economic feasibility are used to discuss the global economic outlook and resource development strategies simultaneously.
In this context, cooperation with foreign capital and risk diversification strategies are expected to determine future industrial competitiveness.

The Great Whale project showed that promising structures were identified in the early stages of oil and gas exploration, but productivity was low due to lack of economic feasibility.
The exploration process proceeds in stages, including geological surveys, physical exploration, and drilling verification, and the results of analyzing parameters such as supply rate and gas saturation are important.
Compared to South Korea’s East Sea gas field, which has a stable production history, the Great Whale has the potential for improvement through additional drilling.
A risk diversification strategy through foreign capital participation and consortium is essential, and a long-term strategy must be established in comparison to global oil fields.
In the future, resource development and economic prospects should be continuously monitored, focusing on key keywords such as oil, gas, exploration, oil fields, and economic feasibility.

[Related Articles…]
Reexamining the Great Whale Oil Exploration Strategy

Analysis of the Latest Trends in the East Sea Gas Field

*YouTube Source: [와이스트릿 – 지식과 자산의 복리효과]

– 동해 가스전 대왕고래 재도전? 진짜 문제는 이겁니다 / 양수영 전 한국석유공사 사장 (2부)