Gov't to request state audit of controversial East Sea gas development project

The Ministry of Trade, Industry and Resources said Wednesday it has decided to ask the state auditor to look into controversies surrounding a gas field development project in the East Sea by the Korea National Oil Corp. (KNOC), including its selection of a U.S.-based geoscience consulting firm that many believed was not qualified to work as an advisory firm. Industry Minister Kim Jung-kwan has ordered the ministry to ask the Board of Audit and Inspection (BAI) to look into why the KNOC selected the U.S. firm, Act-Geo, and why it had canceled a seismic safety review for exploratory drilling in the East Sea gas prospect, according to his office. The move comes after lawmakers raised concerns over Act-Geo's credibility and other allegations. The ministry said it also plans to ask the BAI to investigate the promotion of KNOC executives responsible for the project, despite the results of the first exploratory drilling that offered no proof of economic feasibility of the project. The former Yoon Suk Yeol administration announced in 2024 the potential discovery of seven oil and gas reserves inWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times