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SK Earth On Joins National Effort to Identify Carbon Storage Sites in Korean Waters

Collaborative Project Aims to Advance Carbon Capture and Storage Technology, Reducing Greenhouse Gases by 2030
s 096770.KO Mid and Small Cap 2000
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SK Earth On is embarking on an ambitious project to identify potential carbon dioxide storage locations in the waters surrounding the Korean Peninsula. The company announced its participation in a national consortium project managed by the Ministry of Trade, Industry and Energy and the Korea Institute of Energy Technology Evaluation and Planning.

The project’s primary objective is to conduct an extensive exploration of the East Sea, West Sea, and South Sea to assess viable carbon dioxide storage sites. This involves enhancing data from previous oil exploration efforts and identifying promising areas for carbon storage. Additionally, the project aims to establish standardized methods for selecting carbon dioxide storage sites, an area that currently lacks uniform guidelines.

This significant undertaking involves collaboration with seven organizations and companies, including Hanyang University as the lead research institute, and participants from various sectors such as the Korea Institute of Geoscience and Mineral Resources, Korea National Oil Corporation, academic institutions like Seoul National University, Yonsei University, Inha University, and Cocolink, a supercomputing firm.

Leveraging its four-decade expertise in underwater oil exploration, SK Earth On is poised to play a pivotal role in establishing standards for carbon dioxide storage site selection. The government’s goal is to utilize carbon capture and storage (CCS) technology to reduce annual greenhouse gas emissions by 4.8 million tons by 2030.

Myeongseong, CEO of SK Earth On, emphasized the company’s commitment to this national project, focusing on identifying suitable CCS sites in Korean waters. This initiative is part of a broader effort to advance national CCS strategies and contribute significantly to carbon reduction.

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