SK Earthon, the energy resource development unit of SK Innovation, has acquired a 34% stake in the North Ketapang exploration block offshore Indonesia, expanding its upstream presence in Southeast Asia.
SK Earthon Expands Indonesian Holdings
The stake was purchased from Petronas North Ketapang, which retains a 51% interest. Indonesia’s state-owned PT Pertamina Hulu Energi North Ketapang holds the remaining 15%. The partners intend to begin exploration drilling within the year.
The North Ketapang block is located offshore northeast of Java Island and is considered a prospective exploration area. Recent activity nearby has resulted in oil discoveries in geological formations beyond existing production layers.
Petronas North Ketapang has over 30 years of development experience in the region, and Pertamina Hulu Energi provides local operational expertise. SK Earthon anticipates the partnership will create synergies in exploration and development.
This acquisition follows SK Earthon’s earlier successful bids this year for stakes in the Serpang and Binaiya blocks, awarded through an Indonesian government tender. The company now holds interests in three Indonesian blocks, with two located offshore northeast of Java.
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