South Korea’s SK Earthon has acquired a 34% stake in the North Ketapang block in Indonesia from Petronas North Ketapang, furthering its South East Asia oil exploration strategy.
The North Ketapang block, situated north-east of Java island, now includes SK Earthon alongside Petronas North Ketapang, which retains a 51% share, with Indonesia’s state-owned PT Pertamina Hulu Energi North Ketapang holding the remaining 15%.
This acquisition is the Korean oil exploration and production (E&P) company’s third exploration block in Indonesia following its earlier successes earlier this year in the Serpang and Binaiya blocks, according to the Korea Economic Daily.
In May, SK Earthon secured the rights to develop the Serpang block offshore the north-east of Java and the Binaiya block near the eastern Maluku Islands, each covering approximately 8,500km².
With the addition of North Ketapang, SK Earthon now holds assets in Indonesia, Vietnam and Malaysia, regarded as South East Asia’s three largest oil-producing countries.
The company has described this portfolio structure as a key element of its regional approach.
SK Earthon has maintained a presence in Vietnam since 1998, where it holds a 25% stake in four blocks co-developed with Murphy Oil and PetroVietnam Exploration Production.
Its main asset, Block 15-1, continues to produce, while exploration in 2025 led to new oil discoveries in Blocks 15-1/05 and 15-2/17 in the Cuu Long Basin, which accounts for more than half of Vietnam’s oil and gas output.
The company has initiated the sale of part of its Vietnamese portfolio, excluding Block 15-1.
In Malaysia, SK Earthon was awarded operatorship of the SK427 block offshore Sarawak in 2022 and widened its presence in 2024 by assuming operatorship of the Ketapu block, also in Sarawak.
SK Earthon holds an 85% stake in the Ketapu Cluster, with the remaining 15% owned by Petroleum Sarawak Exploration and Production.
According to the Korea Economic Daily, SK Earthon said that its swift accumulation of South East Asian acreage is intended to establish a cluster supporting long-term exploration, production and investment.
