{"id":21375,"date":"2025-05-22T09:00:53","date_gmt":"2025-05-22T00:00:53","guid":{"rendered":"https:\/\/askinno.com\/global\/?p=21375"},"modified":"2025-10-26T14:16:54","modified_gmt":"2025-10-26T05:16:54","slug":"sk-earthon-expands-into-indonesia-by-securing-two-key-oil-blocks","status":"publish","type":"post","link":"https:\/\/askinno.com\/global\/archives\/21375","title":{"rendered":"SK Earthon Expands into Indonesia by Securing Two Key Oil Blocks"},"content":{"rendered":"

\u25a0 Signed production-sharing contracts for two offshore exploration blocks near Java Island and the Maluku Islands in Indonesia <\/span><\/strong><\/p>\n

\u25a0 Achieved consecutive success just one month after the oil discovery in the Vietnam 15-1\/05 block<\/span><\/strong><\/p>\n

\u25a0 Completes entry into Southeast Asia\u2019s \u201cBig Three\u201d oil-producing nations: Vietnam, Malaysia, and Indonesia<\/span><\/strong><\/p>\n

\u25a0 Strategic clustering approach gains momentum in the region<\/span><\/strong><\/p>\n

SK Earthon, the energy exploration and production (E&P) subsidiary of SK Innovation, has successfully expanded its footprint to Indonesia, one of Southeast Asia\u2019s key oil-producing nations. It successfully secured two offshore exploration blocks\u2014Serpang<\/strong>, northeast of Java Island, and Binaiya<\/strong>, near the eastern Maluku Islands\u2014through a competitive bidding process in The Second Indonesia Petroleum Bidding Round 2024, organized by the Indonesian government. <\/span><\/p>\n

During IPA Convex 2025\u2014Indonesia\u2019s premier oil and gas industry exhibition held at the Indonesia Convention Exhibition (ICE) from May 20 to 22\u2014SK Earthon officially secured exploration rights to two blocks by signing production sharing contracts* with Indonesia\u2019s oil and gas regulatory body, SKK Migas. The signing ceremony was attended by key dignitaries, including President Prabowo Subianto and Minister of Energy and Mineral Resources, Bahlil Lahadalia. Each block covers an area of approximately 8,500 square kilometers.
\n<\/span>*Production sharing contract (PCS): A widely used contract model in major oil-producing countries in Asia, where the contractor assumes the costs and risks of exploration and development. When production begins, the output is divided between the government and the contractor according to a pre-agreed ratio, after the contractor recovers its expenses<\/span><\/em><\/p>\n

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