Red snow crab fishermen in Pohang, Gyeongsangbuk-do, plan to hold a maritime protest on December 20, claiming financial losses due to the Korea National Oil Corporation’s ‘Blue Whale’ exploratory drilling. The fishermen argue that the drilling period overlaps with the peak season for red snow crab fishing and that the exploration zone coincides with their fishing grounds. The photo shows traps used for catching red snow crabs. (Yonhap)
SEOUL, Dec. 19 (Korea Bizwire) – South Korea’s ambitious “Blue Whale Project,” aimed at exploring oil and gas reserves off the coast of Pohang, is facing significant hurdles due to political turmoil, budget cuts, and opposition from local fishermen.
The drilling vessel West Capella began operations on December 17, drilling 2 kilometers into the seabed at a depth of 1.2 kilometers. Initial results from the two-month exploration are expected in the first half of 2025.
Despite technical progress, the project is hindered by a 98% budget reduction imposed by opposition parties. While the Korea National Oil Corporation (KNOC) allocated KRW 1 trillion ($691 million) from its own funds for the first phase, funding for subsequent drilling remains uncertain.
Adding to the challenges, local red snow crab fishermen are staging protests, arguing that the drilling overlaps with peak fishing season and critical fishing grounds. On December 20, more than 50 fishing vessels plan to encircle the drilling site in a maritime protest demanding the cessation of operations and compensation for potential losses.
The West Capella, operated by Norway-based Seadrill Ltd., anchors about 40 kilometers off the eastern port city of Pohang on Dec. 18, 2024, for its first drilling operation as part of South Korea’s gas and oil exploration project in the East Sea, dubbed the “Blue Whale Project.” The project is estimated to have the potential to uncover between 3.5 billion and 14 billion barrels of gas and oil. (Yonhap)
Fishermen claim that vibrations and noise from the drilling could disrupt the ecosystem within a 20-kilometer radius, impacting their livelihood. They also warn of conflicts arising from relocating fishing gear to other areas.
KNOC has offered limited compensation within a 500-meter radius of the drilling site, but negotiations have stalled, with the corporation describing the fishermen’s demands as “excessive.” KNOC insists it cannot compensate for broader ecological impacts.
This clash underscores the delicate balance between energy development and environmental and community concerns, with tensions set to escalate as drilling continues.
M. H. Lee (mhlee@koreabizwire.com)
