In a keynote address for the Energy & Mineral Resources Development Symposium 2021 held in Seoul Dragon City Hotel, Yongsan-gu, Seoul, Korea on Dec. 9, 2021, SK Earthon CEO Myeong Seong announced that SK Earthon will fully implement Green Transformation strategies to achieve carbon neutrality in its overseas resources development projects.
The Energy & Mineral Resources Development Symposium brought together representatives from government, industry, and academia to discuss the changes and the future of overseas resource development.
This year’s symposium, themed “Overseas resources development in the era of carbon neutrality,” offered discussion sessions in the areas of ▲ resources development ▲ CCS (carbon capture & storage) and hydro energy, ▲ international cooperation, to name a few.
“SK Earthon will establish a business model of the virtuous cycle that leads from the beginning to the end of the value chains of carbon-based petroleum Exploration & Production (hereinafter, “E&P”) business,” said SK Earthon CEO Myeong Seong in his keynote speech.
“We will strengthen the competitiveness of the existing E&P business with a particular emphasis on Asian regions such as China and Vietnam by linking an operation method that minimizes carbon emissions in the entire exploration, development, and production processes and others with SK Earthon’s E&P business competencies and knowhow accumulated for 39 years,” he added.
SK Earthon predicted that by implementing carbon reduction operating techniques such as carbon dioxide (CO2) reduction designs, a more efficient operation method for production facilities, and unmanned operation, the company will be able to reduce carbon emissions by 35% from their current level.
SK Earthon CEO Myeong Seong commented, “We will complete our green transformation by enhancing CCS, a promising future growth business and primary de-carbon business.” “To achieve the aim, we will buckle down to expand specialized technology required for CCS business such as improvement and optimization of CO2 injection/storage efficiency, monitoring of underground CO2 behavior, while also speeding up the discovery of domestic and overseas CO2 storage,” he added. SK Earth On plans to continuously expand the scale of CO2 storage, starting with securing 2 million tons of CO2 storage capacity in Korea by 2030.
“SK Earthon will push Green Transformation in full swing to lead South Korea’s carbon neutrality and reconfigure itself as the number one CCS enterprise in the private sector in South Korea by 2030,” said SK Earthon CEO Myeong Seong.
In October of this year, SK Earthon began its own independent management from SK Innovation in order to implement SK Innovation’s financial story strategy, “Carbon to Green.”
