The discovery of the natural resource was made in collaboration with Murphy Oil Corporation, a US energy company headquartered in Houston. Its Vietnamese subsidiary Murphy Cuu Long Tay Oil Co. is the operator of the block with a 40 percent stake, while Vietnamese-state-owned PetroVietnam Exploration Production Corporation holds a 35 percent stake. SK Earthon holds the remaining 25 percent.
“We look forward to working with our partners as we continue evaluating the results,” said Eric Hambly, CEO of Murphy.
According to Murphy, the latest oil findings could form the basis for future development of the Hai Su Vang field.
SK Earthon’s successful oil discovery came after the company found crude oil in the 16-2 block, its earlier Vietnamese operation, in November 2023. The Korean oil exploration firm is currently involved in four oil discovery operations in Vietnam offshore areas.
“Not only has this exploration been successful, but the development of the 15-1/05 block is also progressing smoothly, and our projects in Vietnam are moving forward as planned,” said an SK Earthon official.
“Led by Vietnam, we plan to accelerate the market expansion into the Southeast Asian resource development sector.”
Meanwhile, SK Earthon on the same day announced that the cumulative production of the 17/03 block in China has surpassed 10 million barrels about a year after it began the production. The company highlighted that the milestone carries significance as the Chinese project was its first end-to-end operation based on its own technology.
Based on strong performances in China and Southeast Asia, parent company SK Innovation has logged a combined revenue of 1.1 trillion won ($758 million) and operating profit of 427.6 billion won in the first three quarters of last year.
An SK Earthon official noted that the company has served as SK Innovation’s cash cow with its annual revenue surpassing 1 trillion won each year since 2022 and operating profit showing a stable upward slope.
SK Innovation’s natural resource discovery units are currently taking part in 11 blocks and three liquefied natural gas projects in eight countries, producing an average of 57,000 barrels of crude oil and gas on a daily basis.
