Saturday, October 19, 2019
SK Innovation Finds Additional Crude Oil Layer in Vietnam
The Amount of Oil to Be Determined Later
SK Innovation Finds Additional Crude Oil Layer in Vietnam
  • By Jung Min-hee
  • May 3, 2019, 11:09
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SK Innovation has additionally discovered crude oil in a mining area in the southeastern maritime area of Vietnam.

SK Innovation has drilled about 4,295 meters since the beginning of March and found an oil layer which was 116 meters deep in the first and second target sections. The amount of oil that can be obtained by drilling will be determined through further investigations.

The 15-1/05 Block is located in Cuu Long Basin together with the 15-1 Block where SK Innovation began producing crude oil in 2003. The company signed a mining contract with the Vietnamese government in February 2007 for the 15-1/05 Block.

The 15-1/05 Block is jointly owned by SK Innovation (25 percent), Murphy (40 percent) and Vietnam's state-owned oil company PVEP (35 percent).

In the meantime, SK Innovation produced about 53,000 barrels of oil equivalent and natural gas per day in 13 blocks and four LNG projects in nine countries in 2018. As of the end of 2017, the company secured 511 million barrels of oil equivalent and natural gas based on confirmed reserves. The company entered the resources development business in 1983.