Article

South Korea has officially halted its East Sea gas hydrate development project after 20 years and over 200 billion won in investment, citing economic challenges. Although the initiative began with promise, including a successful gas hydrate extraction in 2007, it ultimately failed to establish viable commercial extraction methods, exacerbated by falling natural gas prices due to the U.S. shale gas boom. The project was officially concluded with the dissolution of the gas hydrate development task force at the end of last year.