SK Corp. Buys Stake in Vietnam Offshore Oil Field

Monday, February 12, 2007
SK Corp. bought a 25 percent stake in an offshore oil development project in Vietnam to better tap the fast-growing energy demand in Southeast Asia. According to the Korea Herald newspaper, SK took over the shares in the 15-1/05 oil field from Vietnam Oil and Gas Corp., or Petrovietnam, the Southeast Asian country's state-run oil monopoly. The purchase is SK's second energy investment in Vietnam.

The Korea's largest refinery currently holds a 9 percent stake in the neighboring 15-1 reserve, which has secured about 300m barrels of crude oil and over 3 trillion cubic feet of gas.

SK also plans to set up a branch in Hanoi in a further effort to expand its overseas exploration businesses. SK is currently tapping 25 oil fields across 14 countries, having secured about 440 million barrels of oil reserves so far. SK's oil development business turned in about $228m in operating income last year, which accounted for nearly 20 percent of total earnings. Industry watchers largely expect the company's revenue from exploration projects to further rise in the coming years on the back of high petroleum prices. Source: Korea Herald


People & Company News

MN100: Guido Perla & Associates, Inc.

The Company: With offices in the US, Brazil, Chile, China and Germany, GPA developed into an independent, full-service naval architecture and marine engineering

Grand Bahama Shipyard Expands Sales Team

Grand Bahama Shipyard Limited (GBSL) has added three regional sales directors to its Marketing and Sales Division, with posts in the Americas, Europe and Asia/Middle East.

MN100: Kohler Marine

The Company: Kohler Marine generators are produced in the United States and distributed globally. Kohler Marine sales as well as aftermarket sales and service activities are globally organized.

Coast Guard

NYC Ferry Strikes a Group of Kayakers

A New York Waterways ferry struck a group of kayakers on the Hudson River Tuesday afternoon, according to the U.S. Coast Guard.   Five of the 11 kayakers were

Calm Seas, Libya's Lawless State Open Door for Migrant Flows

Calmer seas and Libya's lawlessness have opened the way for smugglers to ship thousands of migrants across the Mediterranean this week, in a striking reminder of

Wounded Lobsterman Medevaced near Cape Cope

An injured lobsterman was medically evacuated by U.S. Coast Guard helicopter crew Tuesday roughly 130 nautical miles east of Cape Cod.   At about 10:15 a.m.,

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Pipelines Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0961 sec (10 req/sec)