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

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