[Anchor]

An audit by the Board of Audit and Inspection has uncovered the circumstances surrounding the public announcement of the "Blue Whale Project," which sparked controversy over exaggerating potential oil reserves off the coast of Pohang. It was revealed that former President Yoon Suk Yeol pushed ahead to make the announcement himself despite knowing the figures were exaggerated, and ordered exploratory drilling in all areas to be completed within his term in office, claiming, "I am the one who makes political judgments."

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 that up to 14 billion barrels of oil and gas could be buried off Yeongil Bay in Pohang, North Gyeongsang Province.

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

According to an audit conducted by the Board of Audit and Inspection under the current administration, the Ministry of Trade, Industry and Energy had advised at the time to refrain from such promotion, 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 public announcement, and the ministry was found to have suggested an alternative of describing it as "50 times the existing DONGHAE gas field" instead of using the figure of 14 billion barrels.

The Board of Audit and Inspection stated that the figure of "14 billion barrels" could only be estimated after drilling proved successful in all seven prospective areas.

It added that the probability of all seven drillings 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 areas were successful, it is merely a simple summation of the most optimistic figures, and the feasibility is extremely low.]

The audit also revealed that former President Yoon ordered the drilling schedule to be moved up to match his presidential term.

Upon being briefed that drilling at five of the seven sites would be completed after his term, Yoon reportedly reprimanded then-Industry Minister Ahn Duk-geun and ordered them to be finished within his term.

Although the ministry and the Korea National Oil Corporation opposed this, and former Minister Ahn stated that "political judgment is needed regarding the drilling schedule," Yoon reportedly dismissed it, saying, "I am the one who makes political judgments."

The Board of Audit and Inspection stated that it did not request separate disciplinary measures regarding the announcement and the order to shorten the drilling schedule because there were no relevant regulations.

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