Wedoany.com Report-Nov. 24, SK earthon Co., a South Korean oil exploration and production company, has acquired a 34 percent stake in the North Ketapang block offshore Indonesia from Malaysia’s Petronas North Ketapang Sdn. Bhd. The block is located northeast of Java Island.

This file photo, provided by SK earthon, shows the North Ketapang block, marked with an orange triangle, near Java Island in Indonesia.

Following the transaction, Petronas North Ketapang retains a 51 percent interest and continues as operator, while Indonesia’s state-owned PT Pertamina Hulu Energi North Ketapang holds the remaining 15 percent.

A company official stated: “The latest investment is part of the company’s strategy to establish a resources development cluster in Southeast Asia. SK earthon aims to develop Indonesia as its E&P hub in the region, where the company is also carrying out projects in Vietnam, China and Malaysia.”

SK earthon expects operational synergies from partnering with two experienced operators that have long records of exploration and production activities in Indonesia.

The North Ketapang acquisition follows SK earthon’s successful bids in May 2025 for interests in the Serpang and Binaiya blocks through Indonesian government auctions.

The company has been actively expanding its overseas E&P portfolio, particularly in China and Southeast Asia, to strengthen stable revenue streams for its parent, SK Innovation, South Korea’s leading refiner. Since 2022, overseas E&P operations have generated more than 1 trillion won (approximately US$716.6 million) in annual earnings.

SK earthon is the wholly owned energy exploration and production subsidiary of SK Innovation, a core affiliate of the SK Group, which operates across semiconductors, energy, and construction sectors. The continued investment in Indonesia supports SK earthon’s strategy to build a regional production base and secure long-term hydrocarbon resources in established and promising basins.