[Anchor]

The Board of Audit and Inspection has released the findings of its audit into the 'DONGHAE deep-sea gas field project,' widely known as the 'Blue Whale Project.' It has been revealed that prior to former President Yoon Suk Yeol personally announcing the 'possibility of reserves of up to 14 billion barrels,' the Ministry of Trade, Industry and Energy at the time advised against making a public announcement. This was because the probability was, quite literally, an abysmal 0.0002%.

Reporter Choi Jae-yeong reports.

[Reporter]

In June 2024, two months after the People Power Party suffered a crushing defeat in the general election.

Former President Yoon Suk Yeol personally delivered a surprise announcement, stating there was a possibility that "up to 14 billion barrels" of oil and gas were buried off Yeongil Bay in Pohang, North Gyeongsang Province.

[Yoon Suk Yeol / Former President (June 3, 2024): "Results showed that the possibility of oil and gas reserves of up to 14 billion barrels being buried is very high..."]

An audit conducted by the Board of Audit and Inspection under the current administration revealed that the Ministry of Trade, Industry and Energy had recommended refraining from such public promotion at the time, pointing out that the success rate was less than 20% and that further verification and drilling were required.

However, the presidential office pushed ahead with the announcement to the nation. In response, the ministry reportedly proposed an alternative: presenting it as "50 times the existing DONGHAE gas field" rather than citing the figure of 14 billion barrels.

The Board of Audit and Inspection stated that the figure of "14 billion barrels" was an estimate that could only be projected if exploratory drilling at all seven potential oil and gas sites proved successful.

It added that the probability of all seven drilling operations succeeding was a mere 0.000218%.

[Kim Jong-dong / Director of Division 3, Public Institution Audit Bureau, Board of Audit and Inspection: "Even if all drillings (in the seven locations) succeeded, (14 billion barrels) was simply the sum of the most optimistic estimates (across the seven locations), making the feasibility extremely low."]

The audit also revealed that former President Yoon instructed officials to expedite the drilling schedule to align with his presidential term.

Upon being briefed that drilling at five of the seven locations would be completed only after his term ended, Yoon reportedly reprimanded then-Industry Minister Ahn Duk-geun and ordered the operations to be completed during his tenure.

Although the Industry Ministry and the Korea National Oil Corporation voiced opposition, and then-Minister Ahn argued that "political judgment is necessary regarding the drilling schedule," Yoon reportedly dismissed the concern, stating, "I am the one who makes political judgments."

The Board of Audit and Inspection stated that it did not seek separate disciplinary measures regarding the public announcement or the instructions to shorten the drilling schedule, citing an absence of relevant regulations.

Video by Lee Sang-hak | Video Editing by Park Chun-bae | Graphics by Park Taeyoung