SK Innovation

SK Innovation has discovered oil in PRMB block 17/03 in the South China Sea. The company said it will drill appraisal wells to assess project reserves and commerciality. It is SK Innovation’s first discovery in the area since its decision to become an offshore exploration operator in the South China Sea. If project commerciality is confirmed, the company will use it as a platform for growth into other parts of the South China Sea, an SK spokesperson said. The company holds an 80% working interest in the block, with the remaining stake held by China National Offshore Oil Company (CNOOC).