SK Innovation discovers additional oil field in Vietnam's Mekong basin

By Lim Chang-won Posted : May 2, 2019, 18:10 Updated : May 2, 2019, 18:10

[Courtesy of SK Innovation]

SEOUL -- SK Innovation, a unit of South Korea's SK group, has discovered a new crude oil field in an exploration of the Cuu Long Basin (Mekong Basin), a rift basin off southern Vietnam. A detailed evaluation process is required to see if it is commercially viable.

SK Innovation (SKI) said Thursday it has found a layer of oil measuring 116 meters in thickness during its drilling process that began in March in the 15-1/05 mining zone in Cuu Long, which is Vietnam's most important petroleum production basin.

Under a 2007 contract, SKI has a 25 percent stake in mining rights in the 15-1/05 zone and Murphy, a U.S. crude oil producer, has 40 percent. PVEP, an exploration and production arm of Vietnam's state oil firm PetroVietnam, controls 35 percent.

Details of the location have not been made public, but the mining zone is located off the coast near Ho Chi Minh City. "In our entire business, Vietnam is a very important global workplace," SKI's exploration and production division head Kim Tae-won said. SKI produces about 53,000 barrels of crude oil and natural gas per day through exploration in nine countries.
 
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