KNOC and Hyundai Engineering and Construction Collaborate to Design South Korea’s Largest CCS Project
South Korea's Korea National Oil (KNOC) and Hyundai Engineering and Construction have joined forces with local engineering firms to design nation's largest Carbon Capture and Storage (CCS) project. The site for this project will be the previously operational Donghae gas field off Korea's east coast.
HD Korea Shipbuilding and Marine Engineering has been entrusted with developing the subsea CO2 injection system. In contrast, HD Hyundai Heavy Industries, known for constructing a gas production platform at the same location from 2004 to 2021, will develop the offshore platform.
The ambitious venture aims to capture and store an impressive 1.2 million tonnes of CO2 annually sourced from domestic industrial complexes. This figure marks a significant uptick from KNOC's initial projection of 400,000 tonnes per year. KNOC's outlined plans reveal a phased approach: preparation spanning from 2021-24, followed by the design and construction phase from 2025-27, and full-fledged operations running from 2028 to 2057.
Given the nation's lofty environmental objectives—storing 4.8 million tonnes of CO2 per year by 2030 to achieve a 40% reduction in CO2 emissions compared to 2018 levels—it's evident that more such facilities might be in the pipeline.
Concluding on an international note, both Hyundai and KNOC are eyeing overseas expansion opportunities, especially in markets like Australia and Southeast Asia. Their global aspirations recently got a boost when they secured preliminary approval for a 2 million tonne offshore CO2 storage platform from the renowned American Bureau of Shipping.
According to the article by Procurement Resource, South Korea's KNOC and Hyundai Engineering are collaborating on the nation's largest CCS project at the Donghae gas field. Tasked with distinct roles, HD Korea Shipbuilding will handle the subsea CO2 system, while HD Hyundai Heavy Industries develops the offshore platform. The facility aims to store 1.2 million tonnes of CO2 annually, a tripling from initial estimates. This initiative supports South Korea's goal to cut CO2 emissions by 40% by 2030.
