{"id":18659,"date":"2024-08-08T10:48:05","date_gmt":"2024-08-08T01:48:05","guid":{"rendered":"https:\/\/askinno.com\/global\/?p=18659"},"modified":"2025-11-02T15:58:28","modified_gmt":"2025-11-02T06:58:28","slug":"18659","status":"publish","type":"post","link":"https:\/\/askinno.com\/global\/archives\/18659","title":{"rendered":"SK Earthon secures carbon storage exploration rights in Australia, boosting resource development and clean energy"},"content":{"rendered":"

\u25a0 SK Earthon acquires joint exploration rights for the G-15-AP Block in Australia’s offshore Carnarvon Basin<\/span><\/strong><\/p>\n

\u25a0 Over the next six years, the company will evaluate CO2<\/sub> storage capacity and business feasibility<\/span><\/strong><\/p>\n

\u25a0 Expected synergies with SK E&S in CCS development and establishing a global CCS hub<\/span><\/strong><\/p>\n

On August 8 (KST), SK Earthon, the exploration and production (E&P) subsidiary of SK Innovation, announced that it has secured joint exploration rights for an offshore carbon dioxide (CO2<\/sub>) storage site in the G-15-AP Block of the Carnarvon Basin, Northern Australia. With a 20% stake in this project, SK Earthon partners with InCapture*, which holds 75%, and CarbonCQ**, which has 5%. This acquisition significantly strengthens SK Earthon’s resource development efforts and accelerates its advancements in Carbon Capture and Storage (CCS) technologies. <\/span><\/p>\n

* InCapture: a specialized CCS firm under Australia’s LongReach Capital Investment
\n** CarbonCQ: a consulting firm specializing in CCS technologies<\/span><\/em><\/p>\n

Over a six-year period, SK Earthon will assess the storage capacity and viability of the block. Should the project prove feasible, the company plans to obtain development and injection rights from the Australian government without additional bidding and aims to start CO2<\/sub> injection operations by 2030.<\/span><\/p>\n

This significant milestone is expected to create synergy between SK Earthon\u2019s resource development and its CCS initiatives. With a robust history of over 40 years in overseas resource development, SK Earthon has honed its exploration and development skills, currently participating in 10 blocks and 3 LNG projects across 8 countries. Leveraging its expertise and technological prowess, the company aims to enhance the sustainability of its resource development business while advancing its CCS projects.<\/span><\/p>\n

The G-15-AP block is of particular importance as it is the first block designated for the capture and storage of carbon emissions from Australian industrial operations. If successful, this CO2<\/sub> storage project will not only meet Australian demands but also facilitate collaboration with Korean CO2<\/sub> capture firms, creating sustainable solutions between Korea and Australia.<\/span><\/p>\n

Sygnergies are also anticipated through collaboration with SK E&S ahead of its merger with SK Innovation. The combined resource development and CCS capabilities of SK Earthon and SK E&S heighten the prospects of establishing a global CCS hub, especially in the offshore Australian regions.<\/span><\/p>\n

Additionally, this collaboration is expected to fast-track the CCS hub linked to SK E&S’s ongoing Bayu-Undan CCS project*** in the Timor Sea. As the global push for carbon neutrality intensifies, securing large-scale overseas CO2<\/sub> storage sites becomes increasingly critical. This initiative is poised to provide stable storage solutions for CO2<\/sub> emissions from Korea and the Asia-Pacific region.<\/span>
\n*** The Bayu-Undan CCS project involves storing CO2<\/sub> from the development of the Barossa Caldita gas field and blue hydrogen production in offshore depleted gas fields in the Timor Sea.<\/span><\/em><\/p>\n

In November last year, Australia passed a bill to ratify amendments to the London Protocol, enabling the transboundary movement of CO2<\/sub> and opening new opportunities. With its vast CO2<\/sub> storage potential and geographic proximity to Korea, Australia is an ideal partner for CO2<\/sub> transportation. This latest acquisition is expected to boost SK Earthon’s collaboration with the Australian government and industry, addressing domestic storage shortages.<\/span><\/p>\n

In a previous move, SK Earthon joined Malaysia\u2019s Petronas and others in the Korea-Malaysia Shepherd CCS project for CO2<\/sub> capture and storage. Domestically, the company is involved in national projects for high-performance offshore CO2<\/sub> storage monitoring and large-scale CCS infrastructure development. By 2030, SK Earthon aims to secure storage for over 2 million tons of CO2<\/sub>, scaling up to 5 million tons by 2040, and over 16 million tons by 2050.<\/span><\/p>\n

Myeong Seong, CEO of SK Earthon, stated, “With this CO2<\/sub> storage exploration right, we aim to create synergy between our resource development and CCS efforts for sustainable growth. Working with SK E&S, we are proactively securing overseas storage sites, leveraging our 40 years of resource development experience to drive successful CCS initiatives.\u201d<\/span><\/p>\n

[Photo]<\/strong> Location of the G-15-AP Block in the offshore Carnarvon Basin, Northern Australia<\/span><\/p>\n

\"\"<\/p>\n

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\u25a0 Related articles <\/strong>
\n– SK Earthon participates in national initiative to identify CO\u2082 storage sites within Korean seas<\/a>
\n– South Korea \u2013 Malaysia Carbon Capture & Storage Project alliance expanded with new MOU<\/a>
\n– SK Earthon cooperates with Azuli to identify and develop CCS enabled solutions globally<\/a><\/span><\/span><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

\u25a0 SK Earthon acquires joint exploration rights for the G-15-AP Block in Australia’s offshore Carnarvon Basin \u25a0 Over the next six years, the company will evaluate CO2 storage capacity and business feasibility \u25a0 Expected synergies with SK E&S in CCS development and establishing a global CCS hub On August 8 (KST), SK Earthon, the exploration … Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":18660,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1914,1915],"tags":[1221,1729,1727,268,1728,1919,701,649],"class_list":["post-18659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-presspress","category-press-releases","tag-australia","tag-bayu-undan-ccs-project","tag-carbon-storage","tag-ccs","tag-g-15-ap-block","tag-gasrenewable-energy","tag-oil","tag-sk-earthon"],"acf":[],"_links":{"self":[{"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/posts\/18659","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/comments?post=18659"}],"version-history":[{"count":29,"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/posts\/18659\/revisions"}],"predecessor-version":[{"id":153427,"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/posts\/18659\/revisions\/153427"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/media\/18660"}],"wp:attachment":[{"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/media?parent=18659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/categories?post=18659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/tags?post=18659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}