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SK earthon discovers oil reserves at offshore site in Vietnam
Yonhap | English | News | May 9, 2025 | UndeterminedEnergy Prices
SK earthon Co., a South Korean oil exploration and production company, announced the discovery of oil reserves in a Vietnamese block where it holds a stake. The operator, Murphy Oil Corp., found a 32-meter-thick layer of oil in Block 15-1/05 located in the Cuu Long Basin, with a production testing output of 2,500 barrels of light crude oil per day. SK earthon owns a 25 percent stake in this block, while Murphy Oil and Vietnam's Petro Vietnam Exploration Production (PVEP) hold 40 percent and 35 percent, respectively.
Additionally, oil reserves were discovered in another block, 15-2/17, situated 64 kilometers southeast of Ho Chi Minh City, where SK earthon also maintains a 25 percent stake. The company has been intensifying its exploration and production activities in China and Southeast Asia to improve profitability for its parent company, SK Innovation. Since 2022, SK earthon has reported over 1 trillion won (approximately US$716.6 million) in annual sales from its overseas projects.
SK earthon is a wholly owned subsidiary of SK Innovation, South Korea's leading oil refiner and part of the SK Group conglomerate, which operates across various sectors, including semiconductors and construction.