Industry Minister Ahn Duk-geun speaks during a National Assembly session in Seoul, Thursday. Yonhap

Korea will continue drilling for potential oil and gas reserves off the East Sea despite initial results falling short of commercial viability, the industry minister said Thursday, rejecting claims that the project is a failure.

"The government will push for the further exploratory drilling in a consistent and persistent manner," Industry Minister Ahn Duk-geun told lawmakers during a National Assembly session.

He was responding to a ruling party lawmaker's question about abandoning the exploration project known as "Blue Whale."

He dismissed media reports labeling the preliminary findings a failure as "inaccurate."

Korea conducted its first exploratory drilling into one of the seven potential oil and gas reserves discovered last year in the deep sea off the coast of Yeongil Bay in Pohang, about 270 kilometers southeast of Seoul. The drilling, which began on Dec. 20, lasted nearly two months.

The government announced earlier this month that the drilling had found signs of gas, but the amount was not enough to be commercially viable.

"While we didn't hit an immediate jackpot, we've confirmed a properly structured petroleum system," Ahn said.

Analysis continues on more than 1,700 samples collected from the site, he explained.

Ahn confirmed plans to seek foreign investment for further exploration.

"We have no choice but to seek foreign investment, and we are also trying to give investment opportunities to interested domestic companies," he said, adding, "Of course, the government must have legitimate and appropriate ownership." (Yonhap)