SK earthon Co., a South Korean oil exploration and production company, said Thursday oil reserves have been discovered in a Vietnamese block in which the company holds a stake.
US-based Murphy Oil Corp., the operator of Block 15-1/05, recently found a 32-meter-thick oil layer in the block located in the Cuu Long Basin and has been testing production of 2,500 barrels of light crude oil per day, SK earthon said in a press release.
SK earthon holds a 25 percent stake in the block, based on its 2007 investment. Murphy Oil and Vietnam's state-run Petro Vietnam Exploration Production own 40 percent and 35 percent, respectively.
In January, oil reserves were also discovered in Block 15-2/17, located 64 kilometers southeast of Vietnam's Ho Chi Minh City, in which SK earthon likewise holds a 25 percent stake.
SK earthon has been expanding its E&P activities in China and Southeast Asia to bolster the bottom line of its refining parent company. Since 2022, it has generated over 1 trillion won ($716.6 million) in annual sales from overseas E&P projects.
SK earthon is a wholly owned energy unit of SK Innovation, the country's leading refiner and part of SK Group, a conglomerate with interests ranging from semiconductors to construction. (Yonhap)
