The Korea National Oil Corporation (KNOC) is moving forward with a carbon capture and storage (CCS) project in Southeast Asia. The project aims to capture carbon dioxide from Korean industrial sources and store it in depleted oil fields in the region. KNOC recently issued an international tender for a storage development simulation service, with Hyundai Engineering & Construction leading the organization. The study will evaluate storage properties for two depleted oil and gas fields and simulate carbon dioxide injection in cooperation with a state-run oil company in Southeast Asia, likely in Indonesia. This cross border CCS model addresses a key problem for South Korea: the country has limited domestic storage capacity for captured carbon, but its heavy industries like petrochemicals, steel, and cement are hard to decarbonize. If the research succeeds, it could open a pathway for Korean companies to secure overseas carbon storage. The project aims to develop floating CO2 injection system design technology and a storage layer oil linkage model for using suspended marine depleted oil fields as CCS storage sites.
