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SK Energy Restructures its Oil Well Portfolio to Build Strategic Oil Exploration Model Contents
title SK Energy Restructures its Oil Well Portfolio to Build Strategic Oil Exploration Model
attachment date 2010-12-24 count 17544
SK Energy Restructures its Oil Well Portfolio to Build Strategic Oil Exploration Model

- Sells its local subsidiary in Brazil, SK do Brasil, Ltda, to Maersk Oil
- Restructuring oil exploration/production well portfolio to gain early access to crude oil reserves
- Hope to increase oil production rate by accelerating push into oil well

SK Energy (President & CEO: Ja-Young Koo, www.skenergy.com) has announced a plan to restructure its oil well portfolio and expand into strategic oil development business.

The nation’ leading energy company said on the 23rd that its board of director approved to sell SK’s entire stake in SK do Brasil Ltda, a local oil exploration subsidiary in Brazil, to Danish oil giant Maersk Oil for $2.4 billion at a meeting held on the day. The deal will be confirmed after having an approval from the Brazilian government.

SK do Brasil Ltda. was established in 2000 to develop oil wells in Brazil, and it holds 40%, 20% and 26.67% of equity stake in offshore BM-C-8 (production well), BM-C-30 and BM-C-32 (exploration well), respectively. BM-C-8 is currently producing 10,000 barrel crude oil per day. BM-C-30/32 block is located in deep sea Brazilian Campos basin where exploration and development efforts have been concentrated.

Analysts say that SK Energy’s decision to sell its Brazilian entity is a result of strategic focus. “The decision was made as part of SK efforts to grow into a leading global oil exploration company,” said the South Korean oil company. “With well-balanced oil exploration/production portfolio and proper investment fund befitting the company’s size, SK will be able to gain early access to crude oil as well as contribute to the Korean government’s drive to develop oil field independently.”

Based on the new liquidity it has secured from sales of the Brazilian entity, SK Energy plans to indentify diverse business opportunities including acquisition of new oil wells which are presently in exploration or production phase and foreign oil explorers

Especially, the company will push forward with exploration and development of potentially lucrative oil wells such as in Vietnam, Peru and Columbia to increase its reserve and production volumes. It also plans to restructure its oil well portfolio to better fit its corporate competency as part of optimization of its energy development business.

In addition, it established the E&P Technical Center at Huston, Texas in the first half of this year to straighten its R&D capability and enhance its well management. It is expecting the new R&D center will provide momentum for the company’s goal to grow into a global leader in firsthand exploration, development and production of oil.

“It is time for SK to focus on selected business areas and take a leap forward based on the know-how it has built in resource development,” said Ja-Young Koo, President & CEO of SK Energy. “SK Energy will lead efficient oil well development business by raising investment funds and restructuring its well portfolio, thereby, growing into a leader by pursuing consistency with the government policies and contributing the country’s efforts to enhance its energy security.”

SK Energy was the first Korean energy company that launched global resource development business in 1983. As of late 2009, it secured 500 million barrel of crude oil, and presently produces 75,000 barrel per day. It is currently joining exploration, development and production projects in 30 wells across 16 countries around the world. It has also participated in LNG projects in four countries including Yemen, Oman and Qatar -- a new LNG platform built this year in Peru.

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