SK EarthOn Secures Stake in Promising Indonesian Block: "Expanding Southeast Asia Resource Development Presence"

Acquisition of 34% Stake in North Ketapang Block, Indonesia
Exploration to Begin with Goal of Drilling Exploration Well Within the Year
Synergy Expected from Securing Interests in Three Blocks for Resource Development

SK EarthOn, the energy resource development subsidiary of SK Innovation, has acquired a stake in the promising North Ketapang block in Indonesia and will begin resource exploration.

Location map of SK EarthOn's Indonesian oil block. SK EarthOn

On the 24th, SK EarthOn announced that it had acquired a 34% stake in the North Ketapang exploration block in Indonesia from PETRONAS North Ketapang Sdn. Bhd.

As a result, SK EarthOn will jointly conduct resource exploration in the block with PETRONAS North Ketapang Sdn. Bhd. (which holds a 51% stake) and PT Pertamina Hulu Energi North Ketapang (which holds a 15% stake).

The North Ketapang block, located offshore in the northeastern part of Java Island, is considered one of the most promising resource development blocks in Indonesia, a major oil-producing country in Southeast Asia. In particular, the area is evaluated as having a high potential for additional oil discoveries, as new oil layers have been found near the block in addition to existing oil-producing strata.

SK EarthOn has been working to expand its resource development business in Indonesia, and based on its own analysis of the block's potential and economic feasibility, it has achieved results by acquiring a stake in the North Ketapang block.

PETRONAS North Ketapang Sdn. Bhd., the operator of the North Ketapang block, has successfully carried out various resource development projects in the region over the past 30 years. PT Pertamina Hulu Energi North Ketapang, the Indonesian state-owned oil company, has a deep understanding of promising oil development projects in Indonesia, so synergy among the three companies is expected. The three companies, including SK EarthOn, plan to proceed with their resource development schedule with the goal of drilling an exploration well within this year.

Previously, in May, SK EarthOn won stakes in the Serpang and Binaiya blocks in a block bidding competition organized by the Indonesian government. With the acquisition of the North Ketapang block stake, the company now holds interests in three blocks in Indonesia. In particular, the Serpang and North Ketapang blocks are adjacent to the northeastern offshore area of Java Island, and significant business synergy is expected.

An SK EarthOn official stated, "Securing a stake in the North Ketapang block is part of our Southeast Asia resource development cluster strategy," adding, "Along with our active projects in Vietnam, China, and Malaysia, we will also develop Indonesia into a key global resource development hub."

This content was produced with the assistance of AI translation services.