SK Earthon, in collaboration with Hanyang University, the Korea Institute of Geoscience and Mineral Resources, and the Korea National Oil Corporation, is actively exploring potential carbon dioxide (CO2) storage sites in the seas surrounding the Korean Peninsula.
On December 26 (KST), SK Earthon announced its participation in the national initiative consortium for "Securing Large-Scale Commercial CO2 Storage Sites in the Korean Peninsula through Comprehensive 2D∙3D Geophysical Exploration and Computational Reprocessing."
This initiative is hosted by the South Korean Ministry of Trade, Industry, and Energy and exclusively managed by the Korea Institute of Energy Technology Evaluation and Planning.
The primary goal of the national initiative is to thoroughly explore the East, West, and South Seas surrounding the Korean Peninsula to assess the CO2 storage capacity of these regions.
The initiative aims to enhance existing data from past oil field explorations, conducting additional exploration in data-deficient areas to identify promising CO2 storage sites. SK Earthon also seeks to establish standardized criteria for selecting these sites.
Heading the project, Hanyang University, led by Professor Joongmoo Byun, will serve as the primary research institution overseeing its execution.
Public sector entities such as the Korea Institute of Geoscience and Mineral Resources and the Korea National Oil Corporation, along with academic institutions including Seoul National University, Yonsei University, and Inha University, are actively involved. Additionally, the expertise of supercomputing firm CoCoLink Corp. is contributing to the project's implementation.
Drawing on its 40 years of crude oil exploration expertise, SK Earthon is developing criteria for selecting CO2 storage sites. This task is facilitated by the similarities between the characteristics of sub-seabed layers suitable for CO2 storage and those found in submarine oil fields.
SK Earthon established a dedicated CCS organization in 2021 and is currently advancing CCS business development in the US, Australia, and Southeast Asia. The company is also participating in various national CCS-related projects in South Korea to promote CCS commercialization and CO2 reduction.
Aligned with the government's "1st National Carbon Neutral and Green Growth Basic Plan," announced in March, the goal of greenhouse gas reduction through CCS is set at 4.8 million tons annually by 2030. To achieve national carbon neutrality by 2050, the sequestration of 1 billion tons of CO2 in the seabed is crucial.
This necessitates the identification of large-capacity storage sites that guarantee economic feasibility and safety. The expected completion of the national project to secure CO2 storage on the Korean Peninsula by December 2026 is poised to provide a vital foundation for the advancement of domestic CCS initiatives.
“Based on our 40 years of resource development experience, SK Earthon will strive to discover suitable CCS sites in the seas around the Korean Peninsula through this national project," said SK Earthon CEO Myeong Seong. "We are committed to actively contributing to the national vitalization of CCS and promoting carbon reduction activities.”
