SK Innovation to sell US shale oil field

SK Innovation said on Sunday that it will be selling its stake in a US shale oil field.

It will stake and related assets in Oklahoma and Texas to BenchMark Energy.

The deal will be completed within this month. The pair signed the contract for the deal in January. The terms of the deal were not disclosed.

SK Innovation founded SK E&P America in 2014 to expand into shale oil business in the US. 

Sales of the operation was part of the company’s plan to set up its decarbonisation efforts and focus on its oil field business in Southeast Asia instead.