"To Become Korea's No.1 CCS Operator" SK Petroleum Development Company's Eco-friendly Transition

Myeongseong, President of SK Earthon

[Asia Economy Reporter Choi Dae-yeol] Myung Seong, president of SK Earth On, the oil development business (E&P) subsidiary of SK Innovation, said on the 9th, "We will become the No. 1 private carbon capture and storage (CCS) operator in Korea by 2030."

In his keynote speech at the Overseas Resource Development Symposium held that day, President Myung said, "We will establish a virtuous business model that leads the beginning and end of the value chain in the E&P business," adding, "We will strengthen business competitiveness mainly in Asian regions such as China and Vietnam by integrating operational methods that minimize carbon emissions throughout the entire process, including exploration, development, and production."

SK Earth On was formerly a business division of SK Innovation but spun off in October to begin independent management. While it previously focused on block exploration and resource development, the company is now strengthening its eco-friendly business across the entire organization. By applying carbon dioxide reduction designs and recycling produced gas, among other carbon reduction technologies, it plans to reduce carbon emissions by approximately 35% compared to before.

The company aims to secure a carbon dioxide storage capacity of 2 million tons annually in Korea by 2030 and gradually increase the scale. President Myung said, "We will strengthen CCS, a future growth business and a representative decarbonization project, to complete the green transformation," adding, "We will actively expand specialized technologies necessary for the CCS business, such as improving and optimizing carbon dioxide injection and storage efficiency and monitoring underground carbon dioxide behavior, while accelerating the discovery of carbon dioxide storage sites domestically and internationally."