SK Corp. Earns Operation Rights to Begin US Oil Exploration
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.