Korean SK Innovation said that it had made an oil discovery in the PRMB block 17/03 in the South China Sea.
Korean SK Innovation said that it had made an oil discovery in the PRMB block 17/03 in the South China Sea.
In December 2017, it drilled its first exploration well into 2,014 meters depth and found 34.8 meters net oil pay. The oil production of the well was tested up to 3,750 barrels per day.
SK Innovation said it plans to drill follow-up appraisal wells to assess reserves and commerciality of the project.
A spokesperson from SK Innovation said, “SK Innovation was the first private company in Korea to step into the upstream oil and gas business, and the company’s focus on technical expertise ever since its beginning in 1983 led to this significant milestone. Once the commerciality of the project in PRMB is secured, SK Innovation will use it as a platform of growth into other areas in the South China Sea”
This marks SK Innovation’s first discovery in the area since its decision to push forward with offshore oil exploration projects as an operator in the South China Sea. SK Innovation also holds operatorship (exploration) for two additional PSCs – 04/20 and 17/08.
Source: Pipeline ME
