Exploration & Production
Toward energy-independent Korea
SK innovation is actively engaging in global E&P (Exploration & Production) businesses via 18 oil blocks and 4 LNG projects in 9 countries (as of December 2019).
Securing energy sources for Korea
We started petroleum production in the 1980s. In 1984, we became the first in Korea to secure an overseas oilfield
through the successful exploration of the Marib oil block in North Yemen. We are now producing 55,000 barrels (as of December 2019) of crude oil
every day in major oil blocks including those in Peru and Vietnam. We have secured 510 million barrels (as of December 2018) of crude oil in
confirmed reserves, contributing to securing energy sources and promoting the economic growth of resource-scarce Korea.
Major Oil Blocks for the Petroleum Production Business of SK innovation
- PeruCompleting vertical integration of production systems in Peru
Since we started crude oil production from block 8 in Peru in 1996, we expanded production from block 88 in 2004 and block 56 in 2008. In 2010, we completed an integrated LNG project from production, pipelines and LNG production to exports.
- VietnamFully involved from exploration to development and commercial production
In 1998, we obtained block the 15-1 exploration license in Vietnam and started crude oil production in 2003 after five years of exploration and development. In September 2014, we also succeeded in the 'Su Tu Nau' oilfield development.
- U.S.AAdvancing into the U.S., a major oil-producing market
In March 2014, we entered the U.S. market by taking over two oil blocks in Oklahoma and Texas. This has helped us establish ourselves as an 'E&P business insider in the U.S.' and also successfully accumulate unconventional resource development technologies and capabilities.
- ChinaBeing the first Korean company to explore oil blocks in the South China Sea
In February 2015, we signed contracts to explore blocks in the South China Sea that potentially holds plenty of crude oil jointly with the China National Offshore Oil Corporation (CNOOC). As such, we make continuous efforts to secure crude oil in China and Southeast Asia.
We will continue to work toward profitability and the potential for growth through ceaseless innovation in our petroleum production business to drive future growth.
