SEOUL -- South Korea's state-run oil and gas company will work with Indonesia's national energy firm Pertamina to seek carbon capture and storage business opportunities in oil and gas fields on Indonesia's Java Island. Depending on the feasibility study's result, the two sides will convert oil and gas fields into facilities for storing carbon dioxide.
The carbon capture and storage (CCS) technique uses special equipment to collect carbon dioxide created after burning fossil fuels or biomass before it is released into the atmosphere. Using CCS, up to about 70 percent of carbon is captured and stored either in deep geological formations or in the form of mineral carbonates. As of 2022, the carbon capture technique re-collected some 0.001 percent of global carbon emissions.
Korea National Oil Corporation (KNOC) said in a statement that the company signed a joint study agreement with Pertamina for the CCS project in oil and gas fields in the northwestern region of Java Island. "We will maximize our technological capabilities, accumulate extensive experience in CCS projects, and strengthen the network for CCU businesses in Asia,” KNOC’s president Kim Dong-seop said in a statement on January 10.
The South Korean company is in charge of a state project to collect some 10.4 million tons of carbon dioxide by 2030 through a consortium involving private companies and state research bodies. The captured carbon dioxide will be transported and stored in a waste gas field in the sea between Japan and the Korean peninsula. The project is set to begin in 2025.
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