■ Discovery made at the Lac Da Hong-1X (Pink Camel) well with a 32-meter oil column at approximately 4,100 meters depth
■ Follows January’s oil discovery in Vietnam’s 15-2/17 Block, marking back-to-back successes within three months
■ Aims to enhance synergies in Southeast Asia resource development through its clustering strategy
SK Earthon, the exploration and production (E&P) subsidiary of SK Innovation, has successfully discovered crude oil at the Lac Da Hong (Pink Camel) well, adjacent to the Lac Da Vang (Golden Camel) development, in Vietnam’s 15-1/05 Block. The oil production at the Golden Camel structure is scheduled to begin in the second half of next year.
This discovery marks SK Earthon’s second oil find in Vietnam in just three months, following its January success in the 15-2/17 Block, where exploratory drilling confirmed oil reserves and achieved trial production.
Murphy Oil Corporation, the operator of the 15-1/05 Block, announced during its earnings call on May 7 (local time) that crude oil had been discovered at the Pink Camel structure, located in the Cuu Long Basin off the southeastern coast of Vietnam. Murphy reported high-quality light crude with a trial production rate of 2,500 barrels per day.
According to Murphy, the exploratory drilling at the Pink Camel well revealed a 32-meter oil column at a depth of approximately 4,100 meters. The structure is situated just 5 kilometers from the Golden Camel, which is currently under development. Murphy also noted that this marks the second significant resource discovery of the year, following the January find in the 15-2/17 Block.
SK Earthon has been involved in the development of the 15-1/05 Block since 2007 and holds a 25% stake in the block. Murphy Oil Corporation holds 40%, while Vietnam’s state-owned PetroVietnam Exploration Production (PVEP) owns the remaining 35%.
In 2019, SK Earthon and Murphy announced that the Golden Camel field in the 15-1/05 Block was commercially viable, setting the stage for oil production to commence in the second half of next year. The proximity of the Pink Camel well to the Golden Camel field, as well as its closeness to the 15-2/17 Block discovered earlier this year, is expected to generate synergies in the development process, including technical integration.
A representative from SK Earthon stated, “Our clustering strategy, which focuses on resource development in core regions, has led to consecutive successes in Vietnam. SK Earthon is committed to strengthening its position as a global energy resource development company, particularly in resource-rich Southeast Asia.”
Since entering the resource development business in 1983, SK Innovation affiliates, including SK Earthon, have been producing an average of 58,000 barrels of oil and gas per day (in oil equivalent) through participation in 11 blocks across 8 countries and 3 liquefied natural gas (LNG) projects.
[Photos]
(Photo 1) Vietnam’s 15-1/05 Block
(Photo 2) SK Earthon Vietnam Block Map
