SK Earthon to build capacity in oil development and carbon capture and storage

Lee Chang-sik, chairman of AAT Co. Ltd, (left) and Han Young-ju, head of E&P Tech. Center, SK Earthon (right) takes a photo after the MOU signing ceremony on June 20, 2022 (KST) at SK Seorin Building, Seoul, South Korea. / Courtesy of SK Earthon

SK Earthon today announced that it has signed a Memorandum of Understanding with Advanced Aquatic Technology (AAT) Co., Ltd., a Korean ocean exploration company, on June 20, 2022, to build technology capabilities in areas of development and Carbon Capture and Storage (CCS).

CCS refers to the entire process of capturing, transporting and injecting carbon dioxide into an underground storage facility. It involves the capture, pretreatment, transport and storage of carbon dioxide.

Under the terms of the Memorandum of Understanding, SK Earthon and AAT intend to share and improve their respective oil development and CCS technologies, as well as engage in long-term cooperation in terms of monitoring after storage during CSC processing.

The two companies expect the cooperation to improve the accuracy of resource exploration by combining SK Earthon’s overseas oil development infrastructure and offshore exploration and drilling with Ocean Bottom Seismometer (OBS) technology. ATT.

If this technology collaboration is extended to the CCS industry, it is expected that OBS technology will be used to monitor leaks of stored carbon dioxide.

OBS is a survey instrument that can monitor seabed surfaces without measuring directly underwater. It detects waves reflected or refracted off seabed surfaces to assess underground and other geographic structures.

This MOU is particularly significant in that it promotes the win-win partnership between a large company and a small company enhanced by specialized technology in Korea. It also helps to develop an ecosystem for the environment-friendly industry in Korea by paving the way for joint cooperation in the field of CCS.

Since September last year, SK Earthon has vigorously pursued the implementation of ESG management in the context of corporate environmental and social responsibility as a corporate citizen.

As part of this initiative, the company has sought to establish cooperative ties with small high-tech companies in the fields of petroleum, CCS and artificial intelligence (AI), among others.

Founded in 2004, AAT has conducted extensive maritime surveys and research using state-of-the-art underwater acoustic technology and equipment. The company, in particular, is the only one with its own OBS technology in Korea, making it the leading technology company, and it has also embarked on an offshore carbon dioxide storage demonstration project.

“SK Earthon will continue to seek out and collaborate with small, technologically advanced companies with core technologies in petroleum development and CCS. Accordingly, we will seek various business opportunities to execute the ‘Carbon to Green’ financial story while continuing to improve the overseas resource development ecosystem,” said Han Young-ju, Head of E&P Technology. Center, SK Earthon.

© Korea IT Times 무단전재 및 재배포 금지


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