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Multiple foreign companies submit bid for Korea's deep-sea gas project: KNOC

Published: 21 Sep. 2025, 19:51

The West Capella drills at the Blue Whale prospect off the coast of Pohang, North Gyeongsang, on Dec. 30, 2024. [YONHAP]

At least two foreign companies have participated in a bid for Korea's deep-sea gas field development project, the Korea National Oil Corp. (KNOC) said Sunday.

The KNOC issued a bid invitation for the project in March, allowing interested parties to apply for the acquisition of up to a 49 percent stake in the project, thereby becoming a partner of KNOC, which will hold a majority stake in the project.

The KNOC said multiple companies submitted bids for the project, but did not disclose details about the firms, citing the need to "fairly" evaluate the bidders.

The KNOC plans to select a preferred bidder among the applicants after reviewing their proposals through S&P Global.

Meanwhile, the KNOC said it has concluded, through an in-depth analysis of data from the first exploratory drilling into one of the seven potential oil and gas reserves in the deep sea off the coast of Yeongil Bay in Pohang, North Gyeongsang, that the so-called Blue Whale prospect lacks economic feasibility.

The Blue Whale prospect was found to have a fine geological system of sandstone layers and a cap rock, but no retrievable amount of gas, the company explained.

The KNOC said it does not have a plan to conduct additional exploratory drilling of the prospect but will establish a business plan for the deep-sea gas development project after it selects a preferred bidder.

Yonhap