SK E&S Strengthens Energy Alliance with Santos Australia as a Carbon-Neutral Hub

Source: 5/26/2022, Location: Not categorized

- President Choo Hyung-wook met with Santos CEO at WGC to discuss joint development of the Barossa gas field business
- CEO Kevin Gallagher “We will operate the Barossa gas field as a low-carbon LNG project with proven CCS technology”
- To seek additional cooperation opportunities in the fields of CCS-based clean hydrogen production and carbon-neutral energy business

SK E&S and Santos, Australia's largest energy company, have agreed to join forces to make Australia a global carbon-neutral mecca.

SK E&S CEO Choo Hyung-wook met with CEO Santos Kevin Gallagher at the World Gas Congress (WGC2022) being held in Daegu, and plans for a wide range of collaborations in the field of natural gas and clean hydrogen, including carbon dioxide capture and storage (CCS) technology. announced on the 25th that they had discussed it.

WGC, also called the 'Gas Industry Olympics', is the world's largest conference in the energy sector, where major global oil and gas companies attend. This event, which is being held for the first time in Korea, was attended by 350 global energy-related companies from 90 countries, including SK E&S, Chevron, Exxon Mobil, Korea Gas Corporation, and Hyundai Motor Company.

Santos also participated in this exhibition and is actively promoting its vision for a sustainable future energy business based on natural gas in the era of energy transition. Santos, which is developing oil and gas fields in Australia and other parts of the world, declared '2040 Net-Zero' last year and announced a blueprint to contribute to global carbon reduction through low-carbon LNG and clean hydrogen production.

Australia has been making various efforts at the government level to encourage the use of carbon dioxide capture and storage technology to reduce greenhouse gas emissions and to ensure price competitiveness. The Australian government decided to provide about AUD 270 million (about KRW 240 billion) for 10 years for CCS-related projects in 2021, and even presented a detailed plan to lower the CCS cost to less than AUD 20 per ton by 2030. have done.

President Hyeong-wook Chu and CEO Kevin Gallagher shared the progress of the Barossa gas field development project jointly promoted by the two companies in Australia on the same day, and further cooperated so that the final investment decision (FID) for the CCS plant to be applied to the gas field proceeds smoothly. decided to strengthen Earlier this March, SK E&S and Santos started the basic design work to convert the Bayu-Undan gas field located off the coast of Timor-Leste into a CCS storage, and are currently in the process of licensing and licensing with the Australian and Timor-Leste governments.

In addition, the two companies decided to seek additional investment opportunities for CCS-related projects promoted locally through close collaboration with the Australian government . The goal is to present a new milestone for the future energy industry in Australia, which is in the spotlight as a global carbon capture and storage hub.

Kevin Gallagher, CEO of Santos, said, "CCS is the most realistic alternative that can effectively reduce CO2 generated in the process of using fossil fuels such as natural gas," while visiting SK E&S's booth.“The Bayu-Undan CCS plant being built by Santos and SK E&S will be able to present a practical solution to reduce carbon generated in neighboring countries and industries,” he emphasized.

He continued, “Australia is a leading CCS country that has already been promoting large-scale CO 2 storage projects in offshore waste gas fields since the early 2000s. We are preemptively preparing for a carbon-neutral era based on our proven carbon capture technology and know-how.” “The CCS-based Barossa gas field development project is a meaningful project promoted as part of the ESG management that SK Group is emphasizing,”

SK E&S President Choo Hyeong -wook said in reply . Let's be reborn as a partner that leads the times," he said. In addition, the two companies also agreed to work together on the transportation and storage of carbon dioxide for the smooth promotion of the blue hydrogen business, and the discovery of new business opportunities related to carbon-neutral energy.

“Australia is a resource-rich country with abundant energy sources such as solar power and wind power as well as natural gas,” SK E&S President Choo Hyeong-wook said. Based on the partnership, we will make remarkable achievements together in the carbon-neutral energy business field.”

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