CEO Choo Hyung-wook meets with Australian Resources Minister Madeleine King to request support for the Barossa Gas Field and CCS project.
“We will contribute to the expansion of business cooperation between the Korean and Australian governments by promoting CCS-based low-carbon LNG production and blue hydrogen projects”
Minister King , “The important role of natural gas in Korea’s energy mix for decarbonization and greenhouse gas reduction”
SK E&S has begun strengthening cooperation with Australia to smoothly promote LNG resource development and blue hydrogen production using CCS (carbon capture and storage) technology.
On the 2nd, SK E&S CEO Choo Hyung-wook and Australian Resources Minister Madeleine King met at SK Seorin Building in Jongno-gu, Seoul, and discussed the Barossa gas field project in which SK E&S is participating and cooperation in the Korean-Korean CCS project. It was announced on the 4th that it had been discussed.
SK E&S plans to produce low-carbon LNG by applying already commercialized CCS technology to the Barossa gas field, which it has been developing since 2012, and to introduce an annual average of about 1.3 million tons into the country to use for blue hydrogen production. During the gas field development process, construction was somewhat delayed due to some indigenous lawsuits, but the project is accelerating as the Australian court recently ruled that construction should be resumed. The industry believes that when Barossa gas field production begins after 2025, it will greatly contribute to stabilizing LNG supply and demand and strengthening energy security.
In a meeting with Minister King on the 2nd, President Choo Hyung-wook expressed his gratitude for the Australian government’s efforts to improve the licensing system in the resource development process in Australia and requested the Australian government’s active support and interest. In response, Minister Madeleine King responded, “The Australian government is working to reform offshore gas regulations to provide greater certainty for producers and local communities.”
CEO Choo Hyeong-wook also emphasized, “In order to smoothly promote the introduction of low-carbon LNG and blue hydrogen production, support from the Australian government, such as concluding an agreement to enable cross-border CO 2 transfer, is essential.” SK E&S is conducting multilateral negotiations with Australia and East Timor to bury CO 2 captured during the production of natural gas and blue hydrogen in the Bayou-Undan depleted gas field in East Timor, near Australia. Accordingly, Minister King said, “The Australian government is preparing to ratify the amendment to the London Protocol, and is taking related measures, including the recent passage of a bill in the Australian National Assembly allowing the transboundary transfer of CO2 for ocean storage. ”
In November last year, Australia passed a bill to ratify the London Protocol amendments that enable cross-border transfer of CO2 . Since Australia, which has the world’s largest CO 2 storage capacity, has allowed the import and export of CO 2 , an environment has been created where countries like Korea, which did not have storage space for CO 2 capture, can begin CCS promotion in earnest, thereby promoting the domestic CCS industry. The green light has also been turned on.
CEO Choo Hyeong-wook said, “Australia is an important ally for Korea’s energy security based on its favorable investment environment and geographical proximity. SK E&S will contribute to strengthening the energy partnership between the two countries by introducing low-carbon LNG and promoting domestic blue hydrogen projects without a hitch.” “He said.
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