SK Earthon wins 2nd oil field exploration bid in Malaysia

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SK Earthon wins 2nd oil field exploration bid in Malaysia - Korea Economic Daily

Quick Summary:

SK Earthon Co., the energy resources exploration and production (E&P) unit of South Korea’s energy giant SK Innovation Co., is accelerating its global energy conquest after seizing a new E&P chance in Malaysia two years after it won its first oil field exploration bid in the Southeast Asian country.

The Korean energy resources E&P company projects it will start crude oil and natural gas production from the Ketapu Cluster in 2031 after conducting exploration and appraisal drilling of the cluster to determine its commercial viability.

SK Innovation announced on Sunday that SK Earthon won the rights to explore and operate the Ketapu Cluster, an oil field located off the coast of Sarawak region, from the Malaysian government and signed a production-sharing contract with the country’s state-owned energy giant Petronas.