Who operates the Lac Da Vang oil field and how are the ownership stakes divided?

Murphy Oil Corp. operates Block 15-1/05 and owns a 40 percent stake. SK earthon holds 25 percent, while Vietnam’s state-run PetroVietnam Exploration Production Corp. owns the remaining 35 percent.

When did oil production begin at Vietnam’s Lac Da Vang field?

Production began late last month, when Murphy Oil started operations at the Lac Da Vang field in the Cuu Long Basin, according to SK earthon.

How much oil could Block 15-1/05 produce when fully developed?

Block 15-1/05 is estimated to contain total oil reserves of 60 million barrels. Production is expected to reach up to 25,000 barrels per day once the project is fully developed.

SK earthon begins oil production at offshore field in Vietnam

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Summary

SK earthon began oil production at the Lac Da Vang field in Vietnam’s Cuu Long Basin late last month. The company holds a 25 percent stake in Block 15-1/05, operated by Murphy Oil, while Vietnam’s PVEP holds 35 percent. The block is estimated to contain 60 million barrels of oil, with production expected to reach up to 25,000 barrels per day when fully developed. SK earthon said it will expand exploration and development activities in Vietnam.

Key Facts

Murphy Oil holds a 40 percent stake in Block 15-1/05, while SK earthon owns 25 percent and PVEP owns 35 percent.
SK earthon invested in the Vietnamese block in 2007.
SK earthon has generated more than 1 trillion won annually from overseas E&P projects since 2022.
SK earthon is a wholly owned subsidiary of SK Innovation, a major Korean refiner.

By Yonhap

Published Oct 13, 2026 10:23 am KST

An offshore oil rig can be seen at Block 16-2 in Vietnam. Courtesy of SK Earthon

SK earthon, a Korean oil exploration and production (E&P) company, said Tuesday oil production has recently begun at an offshore field in Vietnam where it holds a stake.

U.S.-based Murphy Oil Corp., the operator of Block 15-1/05, began production at the Lac Da Vang field in the Cuu Long Basin late last month, SK earthon said in a press release.

SK earthon holds a 25 percent stake in the block, having invested in the project in 2007. Murphy Oil and Vietnam's state-run PetroVietnam Exploration Production Corp. (PVEP) hold 40 percent and 35 percent stakes, respectively.

The block is estimated to contain total oil reserves of 60 million barrels, with production expected to reach up to 25,000 barrels per day when the project is fully developed, the company said.

"We will continue to expand its oil exploration and development activities in Vietnam to secure a stable energy supply amid rising geopolitical tensions and supply chain disruptions," a company official said.

SK earthon has been expanding its E&P operations in China and Southeast Asia to help improve the profitability of its parent company, SK Innovation, a major Korean refiner. Since 2022, SK earthon has generated more than 1 trillion won ($748 million) in annual revenue from its overseas E&P projects.

SK earthon is a wholly owned subsidiary of SK Innovation, the refining arm of SK Group, a conglomerate with interests spanning semiconductors to construction.

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