SK earthon acquires 34% stake in Indonesian oil block

SK earthon, a Korean oil exploration and production (E&P) company, said Monday it has acquired a stake in a potential oil block in Indonesia as part of its efforts to expand overseas E&P activities. SK earthon said it has taken over a 34 percent stake in the North Ketapang block from Malaysia's Petronas North Ketapang Sdn. Bhd., joining the project alongside two existing partners. The other stakeholders are Petronas North Ketapang, which holds a 51 percent stake, and Indonesia's state-run oil company PT Pertamina Hulu Energi North Ketapang, which owns the remaining 15 percent in the block located northeast of Java Island. "The latest investment is part of the company's strategy to establish a resources development cluster in Southeast Asia. SK earthon aims to develop Indonesia as its E&P hub in the region, where the company is also carrying out projects in Vietnam, China and Malaysia," a company official said. SK earthon said it expects business synergies through the partnership as the two other operators have decades of experience in E&P operations in Indonesia. In May, SK earthon secureWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times