SK Earthon, the oil and gas exploration arm of South Korea’s SK chaebol, and Murphy Oil of the US, have announced an oil discovery at the Lac Da Hong-1X well, located near Block 15-1/05 offshore Vietnam.
SK Earthon has been involved in the development of Block 15-1/05 since 2007 and currently holds a 25% stake in the block. Murphy Oil of the US holds 40%, while PVEP (PetroVietnam Exploration and Production Corporation) owns the remaining 35%. Subsequently, SK Earthon participated in Blocks 15-1/05, 15-2/17, and 16-2.
In their announcement on May 8, SK Earthon stated that this was the second time in just three months that the company had found oil in Vietnam, following a successful discovery in Block 15-2/17 earlier this year.
Location of the blocks being explored by SK Earthon
Meanwhile, Murphy Oil announced the discovery of crude oil at the Lac Da Hong well, located in the Cuu Long Basin offshore Vietnam. Murphy Oil stated that the extracted crude oil is of high quality, with a test production rate of 2,500 barrels per day.
According to Murphy Oil, the exploratory drilling at the Lac Da Hong well revealed a 32-meter column of oil at a depth of approximately 4,100 meters. This structure is just 5 kilometers away from the Lac Da Vang field. SK Earthon, Murphy Oil, and the Vietnamese side are planning to commence production from the Lac Da Vang field later this year.
Murphy Oil’s calculations indicate that the Lac Da Hong well could yield 30-60 million barrels of oil. However, the company stated that production from the Lac Da Hong well and the arrival of first oil may have to wait until the end of this decade.
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