SK Earthon strikes first oil at Vietnam's Block 15-1/05, two years after development began

SK Earthon, the energy and resources development subsidiary of SK Innovation, announced Tuesday that it has successfully begun crude oil production at the Golden Camel structure in Vietnam's Block 15-1/05, about two years after development work started in 2024.

Murphy, the block operator, completed production preparations at the Golden Camel structure ahead of schedule, achieving first oil in late September, earlier than originally planned.

The Golden Camel structure holds estimated recoverable reserves of about 60 million barrels, and crude is currently being produced steadily through the first production well.

Murphy plans to drill additional production wells in sequence to gradually increase output, and estimates that daily production across the entire block could reach up to 25,000 barrels once further development is complete.

With production now under way at Block 15-1/05, SK Earthon has successfully expanded its production footprint in Vietnam, adding to Block 15-1, where it has been producing crude since 2003.

SK Earthon and Murphy also announced a new discovery at the North White Camel exploration well, located near the producing Golden Camel structure. Drilling to a depth of about 3,800 meters revealed an additional oil-bearing layer 56 meters thick.

Earlier, SK Earthon and Murphy had discovered oil and completed a successful production test at the Red Camel structure within Block 15-1/05 in May last year.

SK Earthon said it will conduct further evaluation of the North White Camel structure together with Murphy and Vietnam's state-owned oil company PVEP, while pursuing linked development of the Golden Camel and Red Camel structures to maximize reserves and output.

SK Earthon has also been building on its resource development track record in Vietnam's Cuu Long Basin, including an oil discovery at the nearby Block 15-2/17.

SK Earthon holds a 25 percent stake in Block 15-1/05, with Murphy and PVEP holding 40 percent and 35 percent, respectively.

"First oil at the Golden Camel structure is the fruit of the clustering strategy we have pursued in Vietnam," an SK Earthon official said. "We will expand our Vietnam project through linked development of adjacent blocks and strengthen our position in the Southeast Asian resource development market."