The Korea National Oil Corporation (KNOC) has joined a government-led initiative aimed at exploring potential carbon dioxide (CO2) storage sites in the waters surrounding the Korean peninsula, news platform Offshore Energy reported.
The project, titled Securing Large-Scale Commercial CO2 Storage Sites in the Korean Peninsula through Comprehensive 2D∙3D Geophysical Exploration and Computational Reprocessing, is spearheaded by the South Korea’s Ministry of Trade, Industry and Energy and exclusively managed by the Korea Institute of Energy Technology Evaluation and Planning.
The initiative aims to assess the CO2 storage capacity in the East, West, and South Seas surrounding the Korean peninsula.
By leveraging data from past oil field explorations and conducting additional research in data-deficient areas, the partners will seek to identify promising CO2 storage sites.
Hanyang University is leading the research efforts, overseeing the execution of the project.
Public sector entities such as the Korea Institute of Geoscience and Mineral Resources and KNOC, along with academic institutions including Seoul National University, Yonsei University, and Inha University, are also actively involved.
Additionally, SK Earthon is tasked with developing criteria for selecting CO2 storage sites, drawing on its experience in CCS business development globally.
The initiative is aligned with the Korean government’s commitment to carbon neutrality, as outlined in the 1st National Carbon Neutral and Green Growth Basic Plan.
The government aims to reduce greenhouse gas emissions by 4.8 million tons annually through carbon capture and storage (CCS) by 2030.
Achieving national carbon neutrality by 2050 requires sequestering 1 billion tons of CO2 in the seabed, emphasizing the need to identify economically feasible and safe large-capacity storage sites.
The completion of the joint initiative, expected by December 2026, holds the potential to lay the groundwork for the development of a national carbon capture and storage (CCS) project, contributing significantly to Korea’s carbon reduction goals.
KNOC’s CEO Kim Dong-seop highlighted the company’s commitment to leveraging its decades-long expertise in oil development to actively contribute to the success of the national CO2 storage project as well as the East Sea Gas Field CCS demonstration project.