The state-run Korea National Oil Corporation (KNOC) has delayed the original June 20 deadline by several weeks, industry officials said, following requests from interested bidders for more time.
The extension is expected to be formally announced through Onbid, the public auction platform managed by the Korea Asset Management Corporation.
The delay comes as international oil majors weigh the commitment of President Lee Jae-myung’s administration to the project, which has drawn sharp political scrutiny.
While more than 10 overseas companies have reportedly reviewed KNOC’s exploration data since bidding opened on March 20, industry experts say the future of the project remains clouded by political transition.
President Lee, who took office on June 4, was a vocal critic of the gas field initiative during his campaign, labeling it a “scam” and questioning the economic viability of a project closely associated with former President Yoon Suk-yeol. The administration has yet to articulate a clear position on whether it will support continued development.
KNOC drilled independently at the field’s most promising structure — known as “Blue Whale” — between December and February, but the Ministry of Trade, Industry and Energy later confirmed the site failed to yield commercially viable hydrocarbon reserves.
Now, under pressure to reduce its own financial exposure, the debt-laden KNOC is courting foreign investment and technical expertise for a second phase of exploration. The company hopes to attract up to 49 percent equity participation from international partners to investigate other potentially productive structures within the offshore block.
Energy analysts say foreign bidders are likely to demand policy clarity before committing to a project that could require hundreds of millions of dollars in upfront investment and years of exploration.
reporter
Kim Dong-young
davekim0807@ajupress.com
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