SK Corp. Earns Operation Rights to Begin US Oil Exploration
SK Corp. has earned the rights to commence oil exploration in the United States. SK Corp. acquired a 70% share through its US-based corporation, SK E&P Company, which grants SK Corp. the administrative rights to carry out oil exploration in Iberia North in Louisiana.
SK E&P Company acquired the shares last October with partners Ginger Oil (12.5% share), an American independent petroleum developer, and Japan’s Regal Chain (17.5% share).
$8.6 million has been earmarked for this year’s development and management of the field. SK Corp. expects to complete the exploration and check the existence of crude oil as early as end of this year. If crude oil is detected, the company will perform an evaluation process to determine whether the commercial development is possible.
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