Gas and Oil Development as Energy Security: An Outdated Slogan

The global demand for gas and oil is projected to decline rapidly, and Korea's current policies reflect a similar trend of decreasing demand. Under such circumstances, the development of the so-called "Blue Whale" Gas Field, which would only become operational after demand has already plummeted, is unlikely to generate national wealth. Instead, it risks becoming an unmanageable and redundant project.

Even If Successful, Gas Field Development Will Burden the Public

The development of the East Sea Gas Field is expected to incur substantial costs beyond the initial drilling expense of 500 billion KRW, amounting to tens of trillions of KRW for development and operations. When the carbon cost, considering the project's emissions potential, is factored in, the financial burden is anticipated to reach astronomical levels.

Global Divestiture Trends in Gas and Oil Resource Development Projects

Global financial institutions are increasingly restricting investments in oil and gas projects, and traditional oil-producing countries are diversifying their industries in preparation for the energy transition. In this context, initiating new gas field development projects would not only go against global trends but also face significant challenges in securing funding.

East Sea Gas Field Development and Potential Earthquake Risks in the Southeastern Region

Recently, new active faults have been discovered in Korea, indicating heightened earthquake vulnerability. The southeastern region near Yeongil Bay, where oil and gas drilling is proposed, hosts multiple active faults and experiences frequent seismic activity. Studies suggest that the development process could induce earthquakes or accelerate their occurrence, highlighting the risks associated with such projects.

"Energy Security" Should Be Built Around Offshore Wind, Not Fossil Fuels

The East Coast has favorable conditions and significant potential for offshore wind development. However, the push for uncertain and unsustainable gas field development risks diverting excessive investments into fossil fuels and delaying discussions on offshore wind energy—a clear and viable alternative.