South Korean Energy Major Begins Oil Production In South China Sea

South Korea’s biggest energy major, SK Innovation Co. has started oil production from an offshore field in the South China Sea, the Korea Economic Daily reports. SK Innovation, which is operating in the field via a former subsidiary, SK Earthon Co., has partnered with China’s CNOOC on the project. CNOOC is the majority partner, with a 60.8% interest, and SK Earthon holds the rest. The company was spun off from SK Innovation two years ago. The field is seen producing 29,500 barrels daily at peak production, which would be enough to cover…