SK Earthon, a subsidiary of SK Group focused on resource development, has acquired exploration rights for a carbon dioxide (CO2) storage site off the coast of Australia. Announced on August 8, the company will explore the G-15-AP Block in the Carnarvon Basin alongside partners InCapture and CarbonCQ, holding a 20% stake in the venture.
The consortium, led by Australian carbon capture and storage (CCS) specialists InCapture (75%) and consulting firm CarbonCQ (5%), will spend the next six years assessing the block’s CO2 storage capacity and evaluating the project’s feasibility. If successful, SK Earthon will proceed with securing development and injection rights from the Australian government, with plans to begin CO2 injection operations by 2030.
The G-15-AP Block is poised to be Australia’s first CO2 storage site, aiming to capture emissions from industrial sites. SK Earthon’s involvement in this project could enable the company to meet local CO2 storage demands and collaborate with Korean CO2 capture companies, fostering sustainable solutions between Korea and Australia.
With over 40 years of experience in overseas resource development, SK Earthon is well-positioned to accelerate its CCS initiatives. This latest endeavor follows the company’s collaboration with Malaysia’s Petronas in the Shepherd CCS project, highlighting SK Earthon’s commitment to advancing carbon capture and storage technologies globally.
