SK Earthon Enters Production Sharing Contract with PETRONAS for Ketapu Cluster in Malaysia
South Korean petroleum products distributor SK Innovation's (KRX:096770) petroleum exploration subsidiary SK Earthon signed a production-sharing contract with PETRONAS for the Ketapu Cluster off the coast of Sarawak, Malaysia.
SK Earthon will hold an 85% stake in the project, while the remaining 15% will be held by PSEP, a subsidiary of PETROS, SK Innovation said in a Sunday release.
The Ketapu Cluster contains four undeveloped oil and gas discoveries, with a development feasibility study planned for next year. PETRONAS has granted SK Earthon a four-year development and 20-year production period, the release said.
Shares of SK Innovation rose more than 1% at market close on Tuesday.
Price (KRW): â©109700.00, Change: â©+1600, Percent Change: +1.48%
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