Business International News

SK innovation announces Oil Discovery in the South China Sea

– SK innovation(operator) declared oil discovery in the South China Sea

– It confirmed production of up to 3,750 bpd from well test, and plans to further assess reserve size to confirm project commerciality

 SEOUL, South KoreaFeb. 23, 2018 /PRNewswire/ — SK innovation (CEO Jun announced on February 21, 2018 that it made oil discovery in the PRMB block 17/03 in the South China Sea.

This 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.

Since its signing of block 17/03 PSC in February 2015, SK innovation has been focusing its technical capabilities on geological and geophysical surveys. In December 2017, it drilled its first exploration well into 2,014m depth and found 34.8m net oil pay. The oil production of the well was tested up to 3,750 barrels per day.

SK innovation plans to drill follow-up appraisal wells to assess reserves and commerciality of the project.

SK innovation currently holds 80% working interest in the block, and 20% is held by CNOOC, the Chinese stated-owned company specializing in offshore oil and gas.


Leave a Reply

Your email address will not be published. Required fields are marked *