SEOUL, May 13 (AJP) - SK Earthon, the energy resource development unit of SK Innovation, is ramping up its presence in Southeast Asia, with Vietnam emerging as a focal point in the company’s ambition to become a global player in oil and gas exploration.
The company is pursuing a “clustering strategy” in Vietnam, a country estimated to hold 4.4 billion barrels of oil and gas reserves. The approach echoes SK Earthon’s long-running operations in Peru, where it has built a substantial energy portfolio since the 1990s.
SK Earthon entered Vietnam’s resource development sector in 1998 and has since built a foothold in the Cuu Long Basin, a region off the country’s southern coast known for its hydrocarbon potential. The company currently holds interests in one production block (Block 15-1), one under development (Block 15-1/05), and two exploration blocks (16-2 and 15-2/17).
Block 15-1, SK Earthon’s flagship Vietnamese asset, is expected to produce an average of 3,300 barrels per day in 2025, based on the company’s equity share. It ranks as the second-largest producing block in Vietnam by cumulative output. Additional development in the basin is planned for later this year.
“Based on stable production from Block 15-1, and as output from the other three blocks comes online, we expect Vietnam to serve as a reliable cash-generating business," said Roh Jung-yong, who oversees SK Earthon’s Southeast Asia operations.
SK Earthon is also widening its footprint across the broader Southeast Asian region, with active projects in Indonesia and Malaysia — two of the area’s largest oil producers.
In Malaysia, the company acquired operating rights in 2022 to Block SK427 off the coast of Sarawak and secured the adjacent Ketapu block last year, creating new development synergies across connected fields.
In Indonesia, SK Earthon was awarded two new blocks in a government auction last year. The company is currently finalizing contractual details and is expected to make a formal announcement in the coming weeks.
reporter
Candice Kim
candicekim1121@ajupress.com
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