SK Innovation unit signs oil block production contract in Malaysia

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SEOUL, April 24 (Yonhap) — SK Innovation Co., South Korea’s top refiner, announced on Sunday that its energy unit has signed a production sharing contract with Malaysian companies for a local oil block.

SK earthon Co. recently signed the agreement with Malaysian state oil company Petroliam Nasional Berhad (Petronas) and Petroleum Sarawak Exploration and Production Sdn., Bhd. (PSEP) for Block SK427 offshore Sarawak, the company said in a statement. .

SK Earthon has invested in an 85% interest in the exploration block and, as operator, is responsible for exploration, development and production from the block. PSEP, the Sarawak-owned oil and gas company, owns the remaining 15%, he said.

“We will increase our chances of success in this Malaysian block by utilizing our capabilities and technical excellence while accelerating our business expansion plan in Southeast Asia,” SK earthon CEO Myeong Seong said in the statement. communicated.

The company did not provide the value of its investment.

Participating companies will make a final decision on development and production from the block based on exploration results over the next four years, he said.

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