South Korea's hopes for a major oil and gas project off its east coast may not be economically feasible, according to initial drilling results, energy ministry officials said on Thursday. Recent drilling showed some signs of gas prospects but the amount was not believed to be meaningful,

The first drilling of the Yoon Suk-yeol administration’s ambitious initiative to unearth potential oil and gas reserves off Yeongil Bay proved to be a bust, with economic feasibility “not assured.” The government said it plans to continue further drilling for prospective reserves,