Seoul: SK earthon Co., a South Korean oil exploration and production company, announced the discovery of oil reserves in a Vietnamese block where the company holds a stake.
According to Yonhap News Agency, U.S.-based Murphy Oil Corp., the operator of Block 15-1/05, recently identified a 32-meter-thick oil layer in the block situated in the Cuu Long Basin. The company has been testing production at a rate of 2,500 barrels of light crude oil per day, as stated by SK earthon in a press release.
SK earthon maintains a 25 percent stake in this block, stemming from its investment made in 2007. Murphy Oil and Vietnam's state-run Petro Vietnam Exploration Production (PVEP) hold stakes of 40 percent and 35 percent, respectively.
In January, additional oil reserves were found in Block 15-2/17, located 64 kilometers southeast of Vietnam's Ho Chi Minh City, where SK earthon similarly holds a 25 percent interest.
SK earthon has been expanding its exploration and production activities in China and Southeast Asia as part of efforts to strengthen the financial performance of its refining parent company. Since 2022, its overseas exploration and production projects have generated over 1 trillion won (approximately US$716.6 million) in annual sales.
As a wholly owned energy unit of SK Innovation, SK earthon is part of SK Group, a major conglomerate with diverse interests, including semiconductors and construction.