The Korea National Oil Corporation (KNOC) announced Sunday that one of seven potential oil and gas deposits in the East Sea has been deemed economically unviable.

Following months of analysis, the corporation concluded that the so-called Blue Whale structure contains no retrievable gas and will not undergo further exploration.

KNOC began its assessment in February, examining drilling data from the Blue Whale site, one of seven structures the government estimates could collectively hold up to 14 billion barrels of oil and gas.

Despite the setback, KNOC stated it will continue exploration of the remaining six structures, with support from foreign investors.

The company confirmed it closed bidding for one of the remaining sites on Friday, noting that several international firms participated.

In March, KNOC issued a bid invitation allowing interested parties to acquire up to a 49 percent stake in the project and become joint partners in the exploration effort.