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(Seoul=Yonhap Infomax) Hak Seong Kim – SK Earthon, the resource development subsidiary of SK Innovation Co., announced on the 24th that it has acquired a 34% stake in the North Ketapang block, a promising oil and gas field in Indonesia.
The counterparty in the transaction is Petronas North Ketapang, the operator of the block. The acquisition price was not disclosed.
With this deal, SK Earthon will jointly conduct resource exploration in the block alongside Petronas North Ketapang (holding a 51% stake) and Pertamina North Ketapang (15%), Indonesia’s state-owned oil company.
Located offshore in the northeastern region of Java Island, the North Ketapang block is considered one of Indonesia’s most promising oil and gas fields among Southeast Asia’s major oil-producing nations. The area is particularly noted for its high potential for additional oil discoveries, as new oil-bearing strata have recently been identified near existing production layers.
Petronas North Ketapang has a track record of successfully executing various resource development projects in the region over the past 30 years. Pertamina North Ketapang, Indonesia’s state-run oil company, brings extensive expertise in oil development projects.
The three companies, including SK Earthon, plan to proceed with the resource development schedule, targeting exploratory drilling within this year.
In May, SK Earthon secured stakes in the Serpang and Binaiya blocks through a competitive bidding process organized by the Indonesian government. With the latest acquisition of the North Ketapang block, SK Earthon now holds interests in three blocks in Indonesia. The Serpang and North Ketapang blocks are adjacent offshore in northeastern Java, which is expected to generate significant business synergies.
SK Earthon also stated that, leveraging this agreement, it will accelerate its resource development business in Indonesia, in addition to its ongoing projects in Vietnam, China, and Malaysia.
hskim@yna.co.kr
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