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[Alpha Biz= Kim Jisun] SK Earthon, the resource development subsidiary of SK Innovation, has successfully discovered oil in offshore Vietnam.

According to foreign reports on Wednesday, SK Earthon and its partner, Murphy Oil from the U.S., identified oil at Block 15-2/17, located 64 kilometers southeast of Ho Chi Minh City. SK Earthon has been exploring this block since 2019 alongside Murphy Oil and Vietnam’s state-run PVEP. Ownership stakes in the block are divided as Murphy Oil (40%), PVEP (35%), and SK Earthon (25%).

The three companies conducted geological surveys and other initial exploration activities from 2019 until the third quarter of 2023. In November 2023, they began drilling operations, which have now led to the discovery of a 112-meter oil-bearing reservoir in the "Golden Sea Lion" structure.

This marks SK Earthon's second successful discovery in Vietnam within a short period. In November 2023, SK Earthon found oil at Block 16-2, its first operated exploration block in the country.

SK Earthon and its parent company, SK Innovation, currently operate in 11 blocks across eight countries and manage three LNG projects. Among these is China's Block 17/03, which recently surpassed cumulative production of 10 million barrels. SK Innovation's global operations produce an average of 57,000 barrels of oil and gas per day, measured in oil-equivalent terms.

 

 

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