SK Earthon, the energy resource development subsidiary of SK Innovation, announced on the 13th that it has successfully commenced its first commercial oil production from the "Golden Camel" (Hoang Long) structure in Vietnam's Block 15-1/05. This milestone comes approximately two years after full-scale development began in 2024.

Murphy Oil, the operator of Block 15-1/05, announced on the 13th that it wrapped up preparations for the Golden Camel structure ahead of schedule and commenced initial oil production in late September, earlier than originally planned.

The estimated recoverable resources of the Golden Camel structure are approximately 60 million barrels, and stable oil production is currently underway through the first production well. Murphy plans to sequentially drill additional production wells to scale up output. Upon completion of additional developments, the total daily production for the entire block is projected to reach up to 25,000 barrels.

With the start of production in Block 15-1/05, SK Earthon has successfully expanded its production hub in Vietnam, following the 15-1 block where it began oil production in back 2003.

Additionally, SK Earthon and Murphy revealed that they have discovered an additional 56-meter-thick oil-bearing layer by drilling to a depth of approximately 3,800 meters at the "North White Camel" (Bac Trang Cat) exploration well near the newly producing Golden Camel structure. Previously, in May of last year, SK Earthon and Murphy also discovered oil and succeeded in test production at the "Red Camel" (Lac Da Do) structure within Block 15-1/05.

Together with operator Murphy and Vietnam's state-owned oil company PVEP, SK Earthon plans to conduct further evaluations of the North White Camel structure and jointly develop the Golden Camel and Red Camel structures to maximize reserves and production volumes.

SK Earthon has been continuously achieving resource development successes in Vietnam's Cuu Long Basin, including a successful oil discovery in the neighboring Block 15-2/17.

In Block 15-1/05, SK Earthon holds a 25% stake, while operator Murphy and PVEP hold 40% and 35% shares, respectively.

Amid growing geopolitical tensions and uncertainties in international energy supply chains, this oil production holds significant meaning as it secures an energy supply foundation through overseas resource development. SK Earthon plans to strengthen its overseas resource development capabilities while continuously contributing to the diversification of energy sources and national energy security.

Since first entering the resource development business in 1983, the SK Innovation group, including SK Earthon, currently participates in 13 blocks and 5 gas fields across 11 countries worldwide. It produces an average of 58,000 barrels of oil equivalent per day (based on SK's equity share), contributing to South Korea's energy security and strengthening its energy independence.

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