SK Corp., Korea’s largest oil refiner, said it may bid to explore and develop oil fields in parts of nine areas off Vietnam as the company expands its business overseas. SK Corp is interested in buying a stake in an oil and gas project in the South China Sea, Lee Ji-young, a spokeswoman, said by telephone in Seoul April 12.
SK Corp is seeking opportunities in oil and gas fields as global and Korean demand for energy increases and oil prices surged. The average price of Korea’s crude oil imports rose 30% toUS$40.94 a barrel in February and the country is the world’s fourth-largest crude oil buyer.
SK Corp is currently involved in the development of 19 oil and gas areas in 11 countries including Yemen, Vietnam, Peru and Egypt.