Korea firm SK Earthon eyes Vietnam crude oil production in 2025
South Korean petroleum exploration firm SK Earthon expects to start crude oil production at the 15-1/05 Block in the Cuu Long basin off southern Vietnam in 2025.
SK Earthon is in the process of securing approval from the Vietnamese government for the development of the 15-1/05 oil field, Myeong Seong, CEO of the company, said in a message published on SK Innovation’s news site on Monday.
However, he did not reveal how much production his firm is targeting.
SK Earthon CEO Myeong Seong seen on the SK Innovation news site’s March 6, 2023 article.
SK Earthon is a unit of SK Innovation, which is in turn part of SK Group, South Korea’s second-largest chaebol after Samsung Group.
SK Innovation signed a contract with the Vietnamese government for the block’s mining rights in February 2007. The company said in 2019 that it discovered crude oil while exploring the 15-1/05 Block, but the reserves were not disclosed.
In a related development, Vietnam’s second-largest natural gas project that needs around $10 billion to facilitate fuel energy transition has received a stimulus from a deal signed on February 22 by Japanese heavyweight Marubeni and state-run Petrovietnam.
Petrovietnam signed the heads of agreement with Marubeni to provide the latter with gas to run the Marubeni-invested O Mon II thermal power project in the Mekong Delta city of Can Tho. The deal also serves as a basis for Petrovietnam to accelerate its work on the development of the entire Block B gas-power project - Vietnam’s second-biggest natural gas project.
Block B is also off southern Vietnam but located in the Malay-Tho Chu basin, not in the Cuu Long basin like the 15-1/05 Block.
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