Golden Camel's 60 million barrels would last 6.6 years at the block's 25,000 barrel-a-day ceiling
SK Earthon said Tuesday that Murphy Oil began Golden Camel production off Vietnam, with output to reach up to 25,000 barrels a day. SK Earthon's 25% share is 6,250 barrels a day, about 11% of the group's 58,000.
The Investor · Invest desk
Three figures. SK Earthon's share of the block's 25,000 barrel-a-day ceiling is 6,250 barrels a day. The SK group's average production, based on its ownership stakes, is equivalent to 58,000 barrels of oil a day. SK Earthon holds a 25 percent stake in the block.
| Figure | Value | Note | Claim |
|---|---|---|---|
| SK Earthon's share of the block's output ceiling | 6,250 barrels a day | 12 | |
| SK group average output | 58,000 boe a day | 10 | |
| SK Earthon stake in block | 25% | 5 |
What happened
- Murphy Oil, the block's operator, finished preparations ahead of schedule, the Korea Herald reported, and production began in late September, about two years after development started in 2024.
- The partners also found a 56-meter-thick oil-bearing layer about 3,800 meters underground at North White Camel, a field near Golden Camel.
- SK Earthon plans to assess the new discovery with Murphy Oil and PetroVietnam Exploration Production and to pursue joint development, aiming to raise reserves and production.
Why it matters
- What doesn't add up contradiction The Korea Herald attaches the 60 million barrels to Golden Camel's recoverable oil and Yonhap to the block's total reserves, so it is unclear whether barrels from neighbouring finds are already inside that figure.
- What it limits constraint The ceiling is reached only as wells are added in stages and only the first is producing, so 6,250 barrels and the 11% share describe a finished field while today's output is lower.
- Who has to decide decision The partners have to settle whether North White Camel joins the joint development planned for Golden Camel and Pink Camel or goes through assessment alone, which is where the plan as described puts it.
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SK Earthon owns 25% of Block 15-1/05, having invested in the project in 2007 [5]. Applied to the 25,000 barrel-a-day ceiling [4], that is 6,250 barrels a day [12], or 10.8% of the 58,000 barrels of oil equivalent a day the group averages on its ownership stakes [10][13]. (The company's wording is "up to" 25,000, so 10.8% is a maximum.)
The reserve estimate sets a limit on how long that lasts. Sixty million barrels at 25,000 a day is 6.6 years of flat output [17], if the estimate and the ceiling describe the same fields. A field that declines would run longer at lower rates, and barrels from neighbouring fields would extend it further. Developing neighbouring fields together to share infrastructure and technical expertise is what SK Earthon calls its clustering strategy in the Cuu Long Basin [9].
Murphy Oil and PetroVietnam Exploration Production hold the other 40% and 35% of the block [6], so the partners in the joint-development plan are already the block's owners. We think the case rests mainly on Pink Camel, where a production test succeeded in May 2025 [16], and only weakly so far on North White Camel, which has a layer thickness and a depth. The company did not disclose a volume for North White Camel, the first well's rate or a development budget. The counter-case is the cluster's own logic: a small field tied into shared infrastructure can pay when it could not stand alone [9]. An appraisal showing a large volume would prove us wrong, and so would the partners developing North White Camel ahead of Pink Camel.
"We will continue expanding our operations through joint development of neighboring blocks and strengthen our position in Southeast Asia's energy exploration market," an SK Earthon official said [11]. On that account the next development money goes to tie-ins near a field that is now producing.
What to watch
- Any appraisal volume for North White Camel, and whether the partners fold it into the Golden Camel and Pink Camel plan.
- The first well's output rate and the schedule for the additional wells at Golden Camel.
- A development decision on Pink Camel, and the terms among SK Earthon, Murphy Oil and PetroVietnam Exploration Production.
Information, not investment advice. This story is general information about companies and markets, drawn from cited reporting. It is not a recommendation to buy, sell or hold any security; check the cited sources before acting.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence45
- Adoption
- Not scored
- Hype gap+15
- Incentives60
- Confidence60
Perspective Coverage
3 publishers- Builder
- Builder 6%
- Operator
- Operator 47%
- Investor
- Investor 47%
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
SK Earthon said Tuesday it has begun crude oil production at the Golden Camel field off Vietnam, in Block 15-1/05 southeast of Ho Chi Minh City.
- [2]
Production began in late September, about two years after development started in 2024; Murphy Oil, the block's operator, completed preparations ahead of schedule.
- [3]
Production has begun at the first well, with additional wells to be drilled in stages.
- [4]
Production from the block is expected to reach up to 25,000 barrels per day when the project is fully developed, the company said.
- [5]
SK Earthon holds a 25 percent stake in Block 15-1/05, having invested in the project in 2007.
- [6]
Murphy Oil and PetroVietnam Exploration Production Corp. hold 40 percent and 35 percent stakes in the block, respectively.
- [7]
The partners discovered a 56-meter-thick oil-bearing layer about 3,800 meters underground at the nearby North White Camel field.
- [8]
SK Earthon plans to work with Murphy Oil and PetroVietnam Exploration Production to assess the new discovery and pursue joint development of Golden Camel and Pink Camel, aiming to increase reserves and production.
- [9]
SK Earthon's clustering strategy in Vietnam's Cuu Long Basin seeks to improve efficiency by developing neighboring oil fields together and sharing infrastructure and technical expertise.
- [10]
The SK group holds interests in 13 exploration and production blocks and five gas fields in 11 countries, with average production equivalent to 58,000 barrels of oil per day based on its ownership stakes.
- [11]
"We will continue expanding our operations through joint development of neighboring blocks and strengthen our position in Southeast Asia's energy exploration market," an SK Earthon official said.
- [12]
SK Earthon's share of the block's 25,000 barrel-a-day ceiling is 6,250 barrels a day.
- [13]
6,250 barrels a day is about 10.8% of the group's 58,000 barrels of oil equivalent a day.
- [14]
Golden Camel holds an estimated 60 million barrels of recoverable oil, according to SK Earthon.
- [15]
The block is estimated to contain total oil reserves of 60 million barrels, the company said.
- [16]
A separate oil discovery and successful production test at Pink Camel came in May 2025.
- [17]
Sixty million barrels at 25,000 barrels a day is about 6.6 years of flat output.
Sources
3 independent publishers whose own reporting we read for this story.
- en.sedaily.comSK Earthon Starts Oil Output at New Vietnam Block, Finds More Crude
1 article · October 12, 2026
- en.yna.co.krSK earthon begins oil production at offshore field in Vietnam
1 article · October 12, 2026
- koreaherald.comSK Earthon begins oil production in Vietnam, makes new discovery
1 article · October 12, 2026
Topics and entities
Topics
- Oil and gas exploration
- Offshore oil production
Entities
- PetroVietnam Exploration Production Corp.
- SK Innovation