Article

The East Sea gas hydrate development project in South Korea has been officially concluded without any drilling, after two decades of investment exceeding 200 billion won. Initiated in the early 2000s following the discovery of gas hydrate deposits in the Ulleung Basin, the project aimed to enhance energy self-sufficiency but was deemed economically unviable.

The gas hydrate development task force, led by the Ministry of Trade, Industry and Resources, was dissolved at the end of last year. Despite initial successes, including the extraction of gas hydrate in 2007, subsequent phases faced challenges.

The projected test production for 2015 was postponed due to low economic feasibility, exacerbated by the U.S. shale gas boom, which caused natural gas prices to fall. The project ultimately failed to commercialize stable extraction methods, leading to its cessation.