SK Innovation Makes Oil Discovery in South China Sea
Korean energy chemical company SK Innovation has made an oil discovery in PRMB block 17/03 in the South China Sea.
The company said it plans to drill follow-up appraisal wells to assess the reserves and commerciality of the project. This find marks SK Innovation's first discovery in the area since its decision to push forward with offshore oil exploration projects as an operator in the South China Sea.
"SK Innovation was the first private company in Korea to step into the upstream oil and gas business, and the company's focus on technical expertise ever since its beginning in 1983 led to this significant milestone," a spokesperson from SK Innovation said in a company statement.
"Once the commerciality of the project in PRMB is secured, SK Innovation will use it as a platform of growth into other areas in the South China Sea," the spokesperson added.
SK Innovation currently holds an 80 percent working interest in the block, and 20 percent is held by CNOOC, the Chinese stated-owned company.