British Petroleum (BP), a global oil and gas company, has reportedly been selected as the preferred bidder for the development of the deep-sea oil and gas fields in the East Sea, a project that gained attention under the 'Great Whale Project'.

According to the resource development industry on the 20th, the Korea National Oil Corporation (KNOC) decided on BP as the preferred bidder for the joint development of the East Sea offshore blocks after an internal meeting following the Chuseok holiday. KNOC is completing internal procedures and is in discussions with the Ministry of Trade, Industry and Energy. Once discussions with the government are concluded, KNOC plans to officially notify BP of the results and negotiate the joint operation rights of the block, including detailed terms of the mining rights and share transfers.

Initially, BP reportedly showed interest in the development project by requesting an extension of the bidding deadline once in June of this year, just before the bidding closed. Subsequently, BP expressed its intention to participate in the project with the highest stake among the bidding companies during the bidding process, ultimately receiving the highest overall evaluation score. The East Sea deep-sea oil and gas field development project aims to develop approximately 20,058 square kilometers across four subsea blocks (8NE, 8/6-1W, 6-1E, 6-1S) within the Ulleung Basin. Companies participating in the project can invest up to a 49% stake. It is reported that, in addition to BP, ExxonMobil from the United States also participated in this bidding round.

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