Korea National Oil Corporation Begins Full-Scale Entry into Large-Scale Overseas CCS Storage Projects
On the 11th, Korea National Oil Corporation (KNOC) officially announced its participation in the Malaysia Shepherd Carbon Capture and Storage (CCS) project.
On the same day, the corporation also signed a Memorandum of Understanding (MOU) with domestic and international companies to collaborate on the project.
KNOC, along with Hanwha, Air Liquide Korea, and Shell Gas & Power Developments B.V, will actively promote the Shepherd project, a Korea-Malaysia carbon reduction CCS initiative.
The Shepherd project has been jointly pursued since August last year by Samsung Engineering, Samsung Heavy Industries, Lotte Chemical, SK Energy, SK Earthon, and Malaysia’s Petronas.
The project involves capturing carbon dioxide generated from domestic industrial complexes, gathering it at a hub terminal, transporting it via dedicated vessels, and storing it in depleted gas fields or deep saline formations within Malaysia.
As a key technology for greenhouse gas reduction, the CCS project is seeing active participation from domestic and international companies in large-scale overseas projects, which is expected to accelerate future industrial growth.
In the recently announced 1st National Carbon Neutrality and Green Growth Basic Plan by the government, the role of CCS has been further highlighted, with the national greenhouse gas reduction target through CCS raised from 4 million tons to 4.8 million tons annually by 2030, increasing interest in the Shepherd project.
KNOC plans to leverage its approximately 40 years of accumulated technological expertise and experience in operating domestic and international oil and gas fields and storage facilities to ensure the successful outcome of the Shepherd CCS project.
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A KNOC official stated, “Not only the Shepherd project but also the East Sea Gas Field CCS demonstration project and the Gwanggaeto Project, which the corporation is conducting together with the Ministry of Trade, Industry and Energy and the Ministry of Oceans and Fisheries, will serve as important starting points for revitalizing Korea’s CCS industry sector.”
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