SEOUL, South Korea -- SK Energy Co. says plans are in place to begin oil production at 20,000-36,000 b/d from block BMC-8 offshore Brazil.
Construction of the production facilities in the offshore field has been completed, and the first shipment is expected in October.
Announcing the planned production from the field, SK President Shin Heon-Cheol said the company plans to spend $590 million in global E&P this year.
Devon Energy Corp. operates the field and holds the majority stake at 60%. SK holds the remaining 40% of the field, estimated to hold 56 MMbbl.