[Vnbiz] SK Corp. picks up Vietnam acreage

[Phan, Tai]

SK Corp. picks up Vietnam acreage

Offshore staff 

SEOUL, South Korea -- South Korean energy group SK Corp. has acquired 25% interest in Vietnam's 15-1/05 offshore exploration block under a production-sharing contract with PetroVietnam and PetroVietnam Exploration and Production Co. 

The 3,800-sq-km (1,467-sq-mi) block 15-1/05 lies in the northwestern part of the Cuu Long basin off Vietnam near block 15-1, in which SK Corp. has 9% interest. 

"The region's great potential for further exploration and growth adds significant meaning to SK Corp.'s new E&P activities," says Shin Heon-Cheol, SK Corp. president and CEO. "We will continue to pursue E&P possibilities to further enhance SK Corp's global strategy." 

SK Corp. plans to increase its daily production in the region to 100,000 b/d by 2010 from the current level of 20,000 b/d. 

The company also plans to establish an office in Vietnam in the first half of this year to strengthen local operations and to seek new business opportunities. 

2/12/2007