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SK earthon acquires 34% stake in Indonesian oil block

Joongang Ilbo | English | News | Nov. 26, 2025 | UndeterminedMergers & Acquisitions

SK earthon, a Korean oil exploration and production company, has acquired a 34% stake in the North Ketapang oil block located northeast of Java Island in Indonesia. The stake was purchased from Malaysia's Petronas North Ketapang, which retains a 51% share, alongside Indonesia’s state-run PT Pertamina Hulu Energi North Ketapang holding 15%.

This investment aligns with SK earthon's strategy to expand its overseas E&P activities and establish a resource development cluster in Southeast Asia, aiming to develop Indonesia as its regional E&P hub. SK earthon also has ongoing projects in Vietnam, China, and Malaysia.

The company anticipates synergies from partnering with experienced operators Petronas and Pertamina. In addition to the North Ketapang block, SK earthon secured stakes in the Serpang and Binaiya blocks through Indonesian government auctions earlier this year. Since 2022, SK earthon has generated over 1 trillion won ($716.6 million) annually from its overseas E&P projects.

SK earthon is a wholly owned subsidiary of SK Innovation, Korea’s leading refiner and a major affiliate of SK Group, a conglomerate with diversified businesses including semiconductors and construction.

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