SK Earthon "Innovating as a CCS Operator... Advancing as a Carbon Solutions Provider"

Discovery of West Sea Carbon Storage Site... East Sea and Overseas Projects Underway
"CCS Cooperation Hub... Accelerating Financial Story"

Myeongseong, President of SK Earth On. (Photo by SK Earth On)

[Asia Economy Reporter Moon Chaeseok] SK Earth On, a subsidiary of SK Innovation specializing in oil development, is set to fully innovate its business model centered on carbon capture and storage (CCS) projects.

On the 8th, Myungseong, President of SK Earth On, stated in an interview with SK Innovation's news channel SKinonews, "Since becoming an independent corporation last year, we have established 'green business' based on CCS (carbon capture and storage) within our existing oil development sector as a new growth pillar, officially beginning our journey as a 'carbon-neutral company.'"

President Myung said they plan to innovate their business model as a CCS operator that permanently stores and isolates carbon dioxide generated during the use of oil and gas. They also aim to evolve into an operator that minimizes carbon emissions. Centered on these two businesses, they intend to accelerate the execution of the 'Carbon to Green' financial story. He emphasized, "Based on the technological capabilities accumulated over a long period, we will emerge as a specialized CCS company, playing the role of a 'carbon solution provider,' and secure sustainability necessary in the ESG (environmental, social, and governance) era."

According to SK Earth On, the CCS business shares core technologies with the existing oil development business. By leveraging the capabilities accumulated over 40 years in extracting oil from the ground and applying the technology in reverse to return carbon back underground through CCS technology, they expect to transform into a CCS operator. The plan is to evolve into a solution provider through this approach.

SK Earth On is the only private company participating in the West Coast national project to discover carbon storage sites. This year, they plan to identify storage site candidates in the East Sea and actively pursue participation in overseas projects. They will prioritize discovering business opportunities in regions where CCS projects are actively underway, such as Australia and Malaysia, and simultaneously promote business expansion into countries like China and Vietnam where they have been conducting oil development operations.

The goal is to grow as an operator that conducts eco-friendly oil development business minimizing carbon emissions, taking a step closer to 'carbon neutrality.' They have begun designing and constructing facilities applying technologies that minimize carbon emissions at all stages of engineering, procurement, and construction (EPC) for the China 17/03 block, where they are conducting their first operating rights development project. In the long term, they plan to leap forward as an eco-friendly operator through unmanned production sites and the use of new and renewable energy.

President Myung said, "CCS, the core pillar of SK Earth On's financial story and business model innovation, is a business that requires cooperation with various stakeholders," adding, "We will serve as a focal point for collaboration to achieve the vision of becoming the best solution provider and a carbon-neutral company."

This content was produced with the assistance of AI translation services.