SK, Posco and others partner with British Shell to promote joint research on CCS = Korean coverage

Oil development company SK Earthon, general trading company Posco International, Korea National Oil Corporation, and British oil giant Shell announced in July that they will jointly develop a carbon dioxide (CO2) capture and storage (CCS) facility in the Japan Sea Noel Ulleung Basin. It was revealed that he had signed a research agreement (JSA) and a non-disclosure agreement (NDA).

The International Energy Agency (IEA) estimates that CCS-related technologies will contribute approximately 18% to the reduction of greenhouse gases by 2050. In Korea, SK and POSCO Group are actively promoting related projects. As the technology has not yet been commercialized in South Korea, collaboration with Shell, which is driving the business, is expected to lead to securing the technology and early commercialization.

For CCS projects, it is essential to discover storage sites that can permanently store CO2. Exploration technology is required for this purpose. As such, SK Earthon is likely to play a role in discovering storage sites for the study. The captured CO2 is transported and stored on land to distant seas. POSCO International is constructing large-scale CCS facilities mainly off the coast of South Korea and Southeast Asia. Therefore, the company is expected to carry out technical verification in the Ulleung Basin.