SK Innovation has announced an oil discovery in the PRMB Block 17/03 in the South China Sea. This marks SK Innovationâs first discovery in the area since its decision to push forward with offshore oil exploration projects as an operator in the South China Sea. Since its signing of block 17/03 PSC in February 2015, SK Innovation has been focusing its technical capabilities on geological and geophysical surveys. In December 2017, it drilled its first exploration well into 2,014m depth and found 34.8m net oil pay. The oil production of the well was tested up to 3,750 barrels per day. SK Innovation plans to drill follow-up appraisal wells to assess reserves and commerciality of the project. SK Innovation currently holds 80% working interest in the block, and 20% is held by CNOOC, the Chinese stated-owned company specializing in offshore oil and gas. A spokesperson from SK Innovation said: 'SK Innovation was the first private company in Korea to step into the upstream oil and gas business, and the companyâs focus on technical expertise ever since its beginning in 1983 led to this significant milestone. Once the commerciality of the project in PRMB is secured, SK Innovation will use it as a platform of growth into other areas in the South China Sea' Original article link Source: SK Innovation 
Lufeng 12-3 (Pr) 1 (LF 12-3-1) op. by SK Innovation (80%, CNOOC 20%) in PSCA 17/03 E. of Lufeng Sag, oil disc. encountered 34,8 m net oil pay, tested up to 3 750 bo/d from Miocene and Oligocene clastics, WD=100m, TD=2014m.