SK Earthon, a resource development subsidiary of SK Innovation, has discovered a vast reserve of crude oil in an offshore block in Vietnam.
The Korean company said that Murphy Oil Corporation, a partner company that operates the 15-2/17 block in the Cuu Long Basin located 40 miles off the coast of Vietnam, has detected oil in the Hai Su Vang-1X exploration well, encountering approximately 370 feet of net pay from two reservoirs.
SK Earthon joined the exploration of the block in 2019 with a 25% stake. Murphy has 40%, while Vietnam’s state-run PetroVietnam Exploration Production has 35%.
The block is located near the 15-1 block, which has the second-largest crude oil output in Vietnam, and has strong potential for resource development, SK Earthon said.
Since first entering the resource development market in 1983, SK Innovation discovered crude oil in the Marib block in northern Yemen. It started with production of 150,000 barrels a day in 1987.
SK Innovation then split off SK Earthon, a petroleum exploration company, to handle its resource development businesses overseas. As of now, it engages in exploration projects in 11 blocks in eight countries and three liquefied natural gas projects to produce 57,000 barrels of crude oil and gas per day.
SK Innovation’s oil development business recorded won 427.6bn (USD 290M) in operating profit in 2024 as of the end of September, with revenue reaching won 1.1 trillion.