Unable to Form National Assembly Leadership... Ruling and Opposition Parties Clash Over Yeongilman Oil Exploration

Lee Jae-myung "A Matter Likely to Fail Nine Times Out of Ten"
Choo Kyung-ho "Democrats Busy Spreading Ashes"
Negotiations for Committee Formation Also Difficult... Agreement Fails

As the ruling and opposition parties clash over the organization of the 22nd National Assembly, the debate extended to the government's plan for oil exploration drilling in Yeongil Bay.

Lee Jae-myung, leader of the Democratic Party of Korea, recently shared on his Facebook a report concluding that Australia's largest oil development company found "no prospects in Yeongil Bay," stating, "A thorough inspection at the National Assembly level is necessary."

Lee said, "I hope it goes well, but I have many concerns," adding, "It is a matter with a ten-to-one chance of failure (success probability up to 20%), so I worry about investing the entire amount of taxpayers' money, and also about the massive losses investors might suffer later due to a stock price surge."

Earlier, President Yoon held a government briefing at the presidential office on the 3rd, announcing, "Physical exploration results indicate a high possibility of vast amounts of oil and gas deposits in the waters off Yeongil Bay, Pohang, Gyeongbuk," and added, "At least five drilling wells need to be drilled, with costs exceeding 100 billion won per well."

In response, the People Power Party criticized Lee as "cursing the national resource development project." On the 7th, Choo Kyung-ho, floor leader of the People Power Party, said at a party strategy meeting held at the National Assembly, "The Democratic Party seems particularly eager to throw cold water on good news," and "Leader Lee took the lead in disparaging the fields of economy and science with political slander."

He continued, "We are not suggesting premature expectations or predictions. Resource development with high uncertainty takes a long time and can succeed only after accumulated experience," and urged, "As the responsible ruling party, the Democratic Party should not focus solely on criticizing the government in every matter but join in for the national interest and future development of the country."

People's Power floor leader Choo Kyung-ho and Democratic Party floor leader Park Chan-dae are meeting on the 5th at the National Assembly to discuss the organization of the floor, among other matters. Photo by Kim Hyun-min kimhyun81@

Meanwhile, the ruling and opposition parties ultimately failed to reach an agreement on the organization of the 22nd National Assembly by the legal deadline on the same day.

Initially, it was reported that the floor leaders of both parties would attempt last-minute negotiations in a meeting at the National Assembly attended by Speaker Woo Won-shik, but it was canceled due to refusal by the People Power Party. The People Power Party also rejected Speaker Woo's demand to submit the list of standing committee members by midnight that day.

The Democratic Party plans to continue negotiations through the weekend but, if no agreement is reached, intends to request Speaker Woo to convene a plenary session on the 10th and elect standing committee chairs solely by the opposition party.

On the other hand, the People Power Party is reportedly considering a full boycott of the National Assembly standing committees if the Democratic Party unilaterally elects some standing committee chairs in the plenary session.

This content was produced with the assistance of AI translation services.