Myeongseong SK Earthon President: "We Must Achieve Results in Oil Development and Eco-Friendly Businesses"

SK EarthOn Holds First Half Strategy Workshop
About 30 Leaders Including President Myungseong Attend

Myungseong SK Earth On President emphasized, "This year, we must achieve concrete results through the execution of the financial story," adding, "Let us create the future of a '2030 Carbon Neutral Company' through visible achievements in oil development and green businesses."

President Myung stated at SK Earth On's first half of the year strategic workshop, "The preparation process for executing the financial story from Carbon to Green has been completed," revealing this. The workshop, held over two days from the 9th at the IGM World Management Institute in Jung-gu, Seoul, was attended by about 30 executives including President Myung.

Myeongseong, CEO of SK Earth On. Photo by SK Earth On

This workshop was organized to share this year's management plans and key initiatives, and to review strategies to strengthen the execution capability of the financial story. Focusing on actual performance creation, keynote presentations and group discussions were held on risk management and CCS (Carbon Capture and Storage) strategies.

SK Earth On is accelerating its 'Green Transformation'?shifting the existing oil development-centered business structure into 'two pillars' including eco-friendly business areas to execute the financial story. Among these, the CCS business is the eco-friendly business SK Earth On can best perform, based on exploration technology accumulated over the past 40 years.

Going forward, SK Earth On plans to maintain technological superiority in the oil development sector and operate assets efficiently. As of the end of last year, SK Earth On participates in and manages 11 blocks in 8 countries and 4 LNG (Liquefied Natural Gas) projects. Additionally, in the green sector, it will steadily build CCS storage discovery achievements through global partnering and also explore new green business items.

In particular, this year, SK Earth On is preparing for crude oil production in the '17/03 Block' in China, marking the first operated project in the oil development sector. Final checks are underway aiming for crude oil production in the second half of this year. The CCS business is seeking opportunities in Australia and the United States based on regional partnerships. In the long term, the CCS business plans to expand by building a 'Hub & Cluster' through not only securing storage but also diversifying capture sources and increasing storage capacity.

President Myung said, "SK Earth On possesses top-level technology and capabilities in the exploration field, and the green business that can best utilize this is the CCS business," urging, "While maintaining technological competitiveness in the oil development sector, let us achieve results in green businesses such as CCS and successfully accomplish the transition to eco-friendly business."