SK Innovation's energy resource development subsidiary, SK Earthon, announced on the 8th that it has discovered crude oil in the Red Camel structure adjacent to the Golden Camel structure in the Vietnam 15-1/05 development block, which is set to begin production in the second half of next year.
SK Earthon has previously confirmed oil presence in the Vietnam 15-2/17 block exploratory drilling last January and has succeeded in test production. Now, it has additionally discovered crude oil in the 15-1/05 block three months later.
Murphy Oil Corporation, the operator of the Vietnam 15-1/05 block, announced on the 7th that it has successfully discovered crude oil in the Red Camel structure located in the Cullong Basin off the southeast coast of Vietnam, and has commenced test production of high-quality light crude oil at a scale of 2,500 barrels per day.
Murphy noted, "Through drilling at a depth of about 4,100 meters in the exploration of the Red Camel structure, we discovered an oil layer with a thickness of 32 meters," adding, "This structure is located about 5 kilometers from the currently developing Golden Camel structure." Additionally, Murphy explained, "This oil discovery is the second resource development achievement this year, following the discovery in the Vietnam 15-2/17 block last January."
SK Earthon holds a 25% equity stake in the Vietnam 15-1/05 block, which it has participated in developing since 2007. The operator, Murphy, and the state-owned oil company of Vietnam, PetroVietnam Exploration Production, hold stakes of 40% and 35%, respectively.
SK Earthon and Murphy confirmed in 2019 that the Golden Camel structure in the Vietnam 15-1/05 block is a viable oil field for commercial production, and have been progressing with development work aiming to start crude oil production in the second half of next year.
A representative from SK Earthon said, "We are achieving continuous results in Vietnam through a clustering strategy that focuses on key resource development areas," adding, "We plan to solidify our position as a global energy resource development company in Southeast Asia."
Meanwhile, the SK Innovation group, including SK Earthon, has been involved in resource development since 1983 and currently participates in 11 blocks across 8 countries, along with 3 liquefied natural gas projects, producing an average of 58,000 barrels of oil and gas per day.