Korea National Oil Corporation has embarked on the discovery of large-scale carbon dioxide storage sites in the waters around the Korean Peninsula.
On the 27th, the Oil Corporation announced that it will begin full-scale exploration to secure underground carbon dioxide storage sites, a key area for carbon neutrality, in the waters surrounding the Korean Peninsula.
The Oil Corporation is participating in the national project titled "Securing Commercial-Scale Large Carbon Dioxide Storage Sites through Comprehensive 2D·3D Physical Exploration and Computational Reprocessing by Region of the Korean Peninsula," led by the Ministry of Trade, Industry and Energy and managed by the Korea Energy Technology Evaluation Institute, together with seven institutions and companies possessing specialized expertise in various fields, including the Korea Institute of Geoscience and Mineral Resources, Hanyang University, and SK Earthon.
This national project divides the waters around the Korean Peninsula into three regions and conducts extensive and precise exploration by region to evaluate where and how much carbon dioxide can be stored.
The Oil Corporation plans to apply the latest technology to physical exploration data previously acquired for domestic continental shelf oil exploration to improve data quality and select precise exploration areas and promising carbon dioxide storage sites in the waters adjacent to the Korean Peninsula.
Kim Dong-seop, President of the Oil Corporation, stated, "Based on the technology and experience accumulated over more than 40 years of domestic and international oil development, we will actively contribute to achieving the national carbon reduction goals by successfully carrying out this national project and the East Sea gas field carbon dioxide capture and storage (CCS) demonstration project."
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