POSCO International to Triple Production at Australian Gas Field

Joo Si-bo, CEO of POSCO International (first from the right in the photo), is visiting the processing facility of Senex Energy's Roma North gas field in Australia, discussing the energy business with employees.

[Asia Economy Reporter Choi Dae-yeol] POSCO International announced on the 16th that it plans to increase the production volume from two gas fields of Senex Energy in Australia, which it acquired in April this year, to three times the current level by 2025.

Ju Si-bo, CEO of POSCO International, visited the Senex Energy natural gas business site in Australia on the 14th and 15th (local time) to encourage local executives. He discussed plans to expand gas field production with the management of partner company Hancock Energy. They agreed to develop a plan early to increase gas field production and sales volume to three times the current level.

Additionally, to achieve carbon neutrality by 2040, they decided to expand the value chain to develop green and blue hydrogen that emits no or reduced carbon during production. They will conduct a demonstration project operating solar power generation and green hydrogen production facilities together with CS Energy, a power company in Queensland. After this project is completed, they plan to gradually expand the green hydrogen business to supply hydrogen refueling stations within Australia and export overseas.

Furthermore, they plan to establish a urea fertilizer production plant using natural gas and undertake a green ammonia production project utilizing renewable energy. CEO Ju stated, "Senex Energy is expected to play a significant role as a foothold for POSCO Group's future energy strategy," adding, "We will strengthen our partnership with Hancock Energy and promote joint projects in various fields such as natural gas and energy transition businesses in the future."