SK earthon Co., SK innovation Co.’s energy exploration subsidiary, announced on Wednesday that it has successfully discovered oil in the 15-2/17 block, located off the southeastern coast of Vietnam.

The block’s operator, U.S.-based Murphy Oil, confirmed the presence of oil in the Cuu Long Basin following exploratory drilling in the area.

The discovery includes a 112-meter-thick oil reservoir.

Murphy CEO Eric Hambly expressed satisfaction with the results, looking forward to continued exploration with partner companies.

SK earthon holds a 25 percent stake in the 15-2/17 block, alongside Murphy with 40 percent and Vietnam‘s state-owned oil company PVEP with 35 percent.

Located 64 kilometers southeast of Ho Chi Minh City, the block lies within the resource-rich Cuu Long Basin, which produces over 50 percent of Vietnam’s total oil and gas output.

This marks SK earthon’s second recent success in Vietnam.

In November 2023, the company confirmed an oil discovery in its first operated exploration block, 16-2.

These discoveries reinforce the company’s strategic focus on resource development in Vietnamese waters, an area where SK earthon has been investing since 1998.

The Korean company explained that the development of the 15-1/05 block was progressing smoothly and emphasized that Vietnam remained a cornerstone of their Southeast Asia resource development plans, with intentions to accelerate efforts in the region.

In related news, SK earthon also announced that its 17/03 block in China surpassed 10 million barrels of cumulative production within its first year of operation in 2023.

This milestone highlights the company’s capability to independently explore, develop, produce, and ship crude oil, making it the first South Korean private company to achieve this feat.

SK innovation and its subsidiaries are currently engaged in 11 blocks across eight countries and three liquefied natural gas (LNG) projects, producing an average of 57,000 barrels of oil and gas per day.

[ⓒ 매일경제 & mk.co.kr, 무단 전재, 재배포 및 AI학습 이용 금지]