Myeongseong, President of SK Earthon, "We Will Transform into a Carbon Neutral Company"

"Year of Concrete Achievements in Oil Development"
Reducing Carbon Dioxide in Crude Oil Production Process

SK Innovation's oil development subsidiary, SK Earth On, announced on the 7th that it will foster its carbon capture and storage (CCS) business to transform into a 'carbon-neutral company.'

Myungseong, President of SK Earth On, stated in an interview with SK Innovation's affiliated news channel SKinno News, "We will further specify our efforts to realize the 'Carbon to Green' financial story," adding, "We will solidify our position as a 'carbon solution provider' through tangible achievements."

Myeongseong, President of SK Earth On

Established as an independent corporation in October 2021, SK Earth On has adopted a core strategy of expanding its existing oil development-centered business structure into the eco-friendly sector, transitioning into two main pillars.

In the oil development sector, preparations are underway for crude oil production in the China 17/03 block in the second half of this year. Additionally, the company is proceeding with the Vietnamese government's development approval process to commence crude oil production in the Vietnam 15-1/05 block by 2025.

Results in the eco-friendly sector are also becoming visible. SK Earth On is attempting to reduce carbon by 'lowering carbon dioxide emissions during crude oil production' and 'permanently storing the generated carbon dioxide underground.' In the China 17/03 block, the design incorporates recovering and recycling waste heat from power plant exhaust gases, aiming to reduce carbon dioxide emissions by approximately 30%.

Moreover, the company is actively pursuing the discovery of CCS storage sites domestically and internationally. The plan is to secure storage capacity of 2 million tons by 2030, starting with handling carbon dioxide generated by SK Group and other domestic and foreign companies, and to lead the nation's carbon neutrality achievement by 2050.

Myeongseong, President of SK Earth On, is attending a carbon capture and storage (CCS) video explaining the carbon solution provider strategy at the SK exhibition hall at 'CES 2023' held in Las Vegas, USA, in January.

President Myung emphasized, "The technical capabilities required to explore and develop CCS storage sites are almost identical to the underground structure evaluation technologies applied in oil development projects," adding, "As SK Earth On, which understands carbon issues best, we will become a genuine carbon solution provider based on our accumulated efforts."

He also stated, "Through the Crisis Response Committee launched last year, we will derive expected scenarios regarding global demand for oil and gas and respond meticulously," adding, "We must maintain constant preparedness to capture and discover opportunities during crises."

President Myung further said, "It is important to remember the 'Red Queen hypothesis,' which states that running hard only keeps you in place, and to move forward, you must run twice as fast as now," concluding, "With SK Earth On's unique spirit of exploration accumulated over 40 years of overseas resource development experience, we will achieve a new 40 years as Korea's representative carbon-neutral company."

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