- "This year, SK Earthon's efforts to realize 'carbon-to-green' financial story will progress further": CEO Myeong
According to The Korea Economic Daily article published on March 7, 2023, SK Earthon, an oil development subsidiary of South Korea's SK Innovation Co., plans to transform into a carbon-neutral company focused on oil exploration and eco-friendliness. According to CEO Myeong Seong, the company's efforts to achieve a "carbon-to-green" financial story will progress further this year, solidifying its position as a carbon solution provider by creating tangible results.
SK Earthon launched as an independent unit in 2021, and has since accelerated the implementation of its financial story as a company specializing in oil exploration and carbon capture and storage (CCS).
In the area of oil exploration, the company is preparing for crude production in Block 17/03 in China for the first time by the second half of this year. It is also proceeding with the approval process with the Vietnamese government to start crude production in Block 15-1/05 in the country by 2025.
SK Earthon is also making strides in the eco-friendly area. To reduce carbon emissions, the company is experimenting with reducing carbon dioxide in the crude oil production process and permanently storing the generated carbon dioxide in the ground. For example, the 17/03 block in China has introduced a design that recovers and recycles waste heat from generator exhaust, reducing carbon dioxide by about 30%.
Additionally, the company is actively promoting CCS storage discovery projects both domestically and abroad. It plans to achieve carbon neutrality by 2050, starting with securing a storage capacity of 2 million tons in 2030 to treat carbon dioxide generated by SK Group affiliates and other companies.
CEO Myeong noted that the technological capabilities required for exploring and developing CCS storages are similar to the underground structure evaluation technology used in oil development projects. Given its understanding of the carbon issue, SK Earthon will be reborn as a true carbon solution provider based on its efforts thus far.
