Myeongseong SK EarthOn President "Expanding Business from Oil Development to Carbon Storage Specialist Company"

"'Strong Implementation of 'Carbon to Green' Strategy to Leap as a Carbon Neutral Company'
Accelerating Green Transformation Based on E&P Business Technology and Operational Capabilities
Expanding Sustainability of E&P Business in Upstream Sector Focused on Southeast Asia
Aiming to Become a Zero CO2 Emission Company in Oil and Gas Production Process"

[Asia Economy Reporter Hwang Yoon-joo] Myungseong, President of SK Earth On, announced plans to expand the business portfolio from oil exploration and production (E&P) to carbon storage, aiming to transform into a carbon-neutral company.

On the 27th, President Myung said, "SK Earth On will leverage the expertise and experience accumulated in the E&P business sector to realize the value of resources and promote green business that promises a sustainable future." He explained that by implementing the 'Carbon to Green' strategy, the company intends to broaden its business model beyond the existing upstream oil development business to include green businesses such as carbon storage.

President Myung stated, "Based on the technology and operational capabilities accumulated over a long period through the E&P business, SK Earth On will verify and commercialize early a business model based on carbon dioxide storage," adding, "We will accelerate green transformation centered on carbon capture and storage (CCS) business."

Since May, SK Earth On has been researching the government-led national project 'Discovery of Subsurface Carbon Dioxide Storage Sites in the East Sea' together with SK Energy, Korea National Oil Corporation, and others. This project involves researching additional carbon dioxide storage sites in the East Sea, and SK Earth On is the only private oil development company participating. Additionally, SK Earth On plans to strengthen the sustainability of its E&P business by building an upstream cluster centered in Southeast Asia and further enhancing technology and operational capabilities across all stages of exploration, development, and production in the existing upstream business sector.

President Myung emphasized, "SK Earth On will establish eco-friendly facilities that minimize carbon dioxide emissions from the oil and gas production stages to become a carbon dioxide zero-emission company," adding, "Through this, we will advance to become a carbon-neutral company in the mid to long term."