![Location of North Ketapang block where SK Earthon is involved [Photo: SK Earthon]](https://image.ajunews.com/content/image/2025/11/24/20251124132117690284.png)
SEOUL, November 24 (AJP) - SK Earthon, a subsidiary of SK Innovation, has acquired a 34 percent stake in Indonesia’s North Ketapang offshore block as part of a broader push to expand its resource development portfolio in Southeast Asia.
The company said Monday it purchased the stake from Petronas North Ketapang Ltd., without revealing the price.
Under the new partnership structure, Petronas North Ketapang retains a 51 percent stake, while PT Pertamina Hulu Energi North Ketapang holds 15 percent. The three companies will jointly explore the block, located off northeast Java, an area regarded as highly promising following recent oil discoveries in deeper geological layers.
SK Earthon said its decision reflects a detailed assessment of the block’s geological potential and commercial viability.
Petronas brings more than three decades of project experience in the region, while Pertamina contributes extensive knowledge of Indonesia’s oil development landscape, creating what the companies describe as strong operational synergies. The consortium plans to drill an exploration well by the end of the year.
The move further strengthens SK Earthon’s presence in Indonesia. In May, the company won government-led bids for the Serpang and Binaiya blocks, giving it stakes in three Indonesian assets. The geographical proximity of Serpang and North Ketapang to northeast Java is expected to enhance business integration and operational efficiency.
“Securing the North Ketapang stake is part of our broader Southeast Asia resource development strategy,” SK Earthon said in a press release. “We aim to develop Indonesia into a global resource hub alongside our active projects in Vietnam, China and Malaysia.”
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
Copyright ⓒ Aju Press All rights reserved.
