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SK Earthon successfully produces crude oil from Block 17/03 in China, applying carbon reduction method
■ Commenced oil production in an offshore oil block in the South China Sea in September with a daily maximum production capacity of approximately 29,500 barrels
■ The first successful project of the company achieving success in all stages, from exploration and development to production, with its own operational excellence accumulated over the 40 years, in an oil field for which the company holds operation rights
■ SK Earthon CEO Myeong Seong said, “We will continue to create outcomes in the two pillars of our business, E&P and CCS businesses, to achieve our goal of carbon neutrality and growth of the company”
SK Earthon has commenced oil production in an offshore block in the South China Sea, in which the company has participated since 2015. This achievement marks the company’s first successful case of crude oil production in an oil field in which the company secured operatorship in the block. This is expected to contribute to reinforcing South Korea's energy security through resource acquisition.
On September 25, SK Earthon announced that it would start oil production from September in LF (Lufeng) 12-3 oil field in the Block 17/03, located in the northeastern region of the South China Sea. The block is approximately 300 km away from Shenzhen, China. In terms of the daily production capacity, based on the Peak Production, the field produces about 29,500 barrels (bbl), which accounts for more than 1% of South Korea’s daily oil consumption.
As the first South Korean private company, SK Earthon entered the offshore block in the South China Sea by signing a petroleum contract with CNOOC (China National Offshore Oil Corporation), a Chinese state-owned oil company. With an operatorship for the block, the company successfully discovered oil during the drilling of the exploration well in 2018 after conducting geological and geophysical surveys. Following the completion of the development phase including oil field appraisal and construction of production facilities, SK Earthon finally reached the commencement of oil production.
This oil production holds significance as it is the first time that SK Earthon successfully managed all stages of an E&P (Exploration & Production) project for which it holds operatorship, from exploration and development to production. Moreover, the company’s successful achievement is based on its operational excellence from initial exploration phase to oil production.
In particular, SK Earthon has taken ecological measures into account from the design stage to reduce carbon dioxide emissions generated during the oil production process. This includes the recycling of waste heat from the power generator’s exhaust gases, automation in production facilities and etc. Furthermore, the company is actively considering options, such as the introduction of LNG supply vessels and the use of new renewable as part of its plans to continuously put our efforts in carbon dioxide reduction by applying these measures.
The Block 17/03 is a successful case for the South Korean government's energy support program. Since 1984, the government has been operating a loan support system aimed at assisting domestic companies in overseas oil & gas development projects. With the commencement of production in the Block 17/03, SK Earthon will begin to pay back the government’s loan principal with interest and after the full repayment, a portion of the profits will be shared with the government in the form of special levy for a certain period.
Spun off from SK Innovation in 2021, SK Earthon is focusing its business on two pillars, which are the E&P and green business. SK Innovation entered overseas E&P projects from the Karimun Block in Indonesia in 1983 through equity participation as Korea’s first private E&P company. As its endeavor never ceased, SK Earthon, SK Innovation’s subsidiary, currently participates and manages 10 blocks across 8 countries and 4 LNG projects. Furthermore, the daily production of those 10 blocks reaches approximately 52,000 BOE (Barrel of Oil Equivalent). In terms of its other business pillar, a green business, by utilizing the company’s exploration technology that has been accumulated from the E&P business, the company pushes forward with CCS (Carbon Capture and Storage) projects, and currently, it has been focusing on discovering carbon dioxide storage sites by participating in various projects both domestically and internationally.
SK Earthon CEO Myeong Seong said, “We were able to achieve successful oil production based on the technological expertise that we have accumulated over the 40 years since we ventured into overseas resource development as the first domestic private company in 1983." He added, “Along with our E&P business, we will continue to invest in our CCS business projects and achieve our goals of carbon neutrality and growth of the company."
[Photos]
(Photo 1) Crude oil production platform installed in China's 17/03 offshore block.
(Photo 2) Crude oil production platform and floating crude oil production and storage facility installed in China's 17/03 offshore block.
(Photo 3) The location of LF (Lufeng) 12-3 oil field in the Block 17/03, China.
(Photo 4) The current status of SK Innovation's subsidiary oil production development businesses.
■ Related articles
- SK Earthon signs Production Sharing Contract for Block SK 427 offshore Malaysia with Petronas and PSEP
- SK Innovation Additionally Discovers Crude Oil by Exploring Block 15-1/05 Located in the Sea off Southeastern Vietnam
2023. 09. 25
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[Documentary] By your side, "Sharing Happiness, Carrying on Love"
We don't realize how precious a moment can be until it becomes a fading memory.
The friends who were by our side, the support they gave us to help get us through difficult times no matter how big or small, and companions who we shared our daily life with.
For the elderly, time continues to pass and the number of people around them slowly get smaller. We just need to fill in the empty gaps and spread happiness and love.
'Sharing Happiness, Carrying on Love' for the elderly living alone.
Would you like to join SK Innovation?
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- SK Innovation resumed “Sharing Happiness, Carrying on Love” program to support the elderly living alone
- SK Global Chemical and SK Lubricants participated in “Sharing a Meal, Warm Contact” program
- “Social distancing, but let’s keep our hearts close” – a special message from SK Innovation to support elderly living alone
2023. 09. 22
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[SKinno Tech] The core materials of secondary battery – Separator
Aiming to be a global leading Green Energy & Materials Company, SK Innovation and all affiliates are taking “Carbon to Green” strategies with innovative solutions that can bring clean energy to the world and build a sustainable world for our future.
Through SKinno Tech Series, we will provide a comprehensive introduction from the basics of SK Innovation and affiliates’ businesses to in-depth explanations of our products and technologies, including those of our affiliates. The series starts with a few episodes discussing the latest advancements in secondary cell technology and battery materials, which are critical to build a sustainable future for everyone.
Following the previous post of anode and cathode materials, we will talk about separators this time. Separators serve as essential components within Lithium-ion batteries, positioned between the anode and cathode, to safeguard against internal short-circuits during both the charging and discharging phases.
Let’s find out more about the features of separators though the card news below.
(Swipe left to check the cards)
■ Related articles
- The core materials of secondary cells – Anode materials
- The core materials of secondary cells – Cathode materials
2023. 09. 18
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SK Earthon
 SK Earthon successfully produces crude oil from Block 17/03 in China, applying carbon reduction method
■ Commenced oil production in an offshore oil block in the South China Sea in September with a daily maximum production capacity of approximately 29,500 barrels
■ The first successful project of the company achieving success in all stages, from exploration and development to production, with its own operational excellence accumulated over the 40 years, in an oil field for which the company holds operation rights
■ SK Earthon CEO Myeong Seong said, “We will continue to create outcomes in the two pillars of our business, E&P and CCS businesses, to achieve our goal of carbon neutrality and growth of the company”
SK Earthon has commenced oil production in an offshore block in the South China Sea, in which the company has participated since 2015. This achievement marks the company’s first successful case of crude oil production in an oil field in which the company secured operatorship in the block. This is expected to contribute to reinforcing South Korea's energy security through resource acquisition.
On September 25, SK Earthon announced that it would start oil production from September in LF (Lufeng) 12-3 oil field in the Block 17/03, located in the northeastern region of the South China Sea. The block is approximately 300 km away from Shenzhen, China. In terms of the daily production capacity, based on the Peak Production, the field produces about 29,500 barrels (bbl), which accounts for more than 1% of South Korea’s daily oil consumption.
As the first South Korean private company, SK Earthon entered the offshore block in the South China Sea by signing a petroleum contract with CNOOC (China National Offshore Oil Corporation), a Chinese state-owned oil company. With an operatorship for the block, the company successfully discovered oil during the drilling of the exploration well in 2018 after conducting geological and geophysical surveys. Following the completion of the development phase including oil field appraisal and construction of production facilities, SK Earthon finally reached the commencement of oil production.
This oil production holds significance as it is the first time that SK Earthon successfully managed all stages of an E&P (Exploration & Production) project for which it holds operatorship, from exploration and development to production. Moreover, the company’s successful achievement is based on its operational excellence from initial exploration phase to oil production.
In particular, SK Earthon has taken ecological measures into account from the design stage to reduce carbon dioxide emissions generated during the oil production process. This includes the recycling of waste heat from the power generator’s exhaust gases, automation in production facilities and etc. Furthermore, the company is actively considering options, such as the introduction of LNG supply vessels and the use of new renewable as part of its plans to continuously put our efforts in carbon dioxide reduction by applying these measures.
The Block 17/03 is a successful case for the South Korean government's energy support program. Since 1984, the government has been operating a loan support system aimed at assisting domestic companies in overseas oil & gas development projects. With the commencement of production in the Block 17/03, SK Earthon will begin to pay back the government’s loan principal with interest and after the full repayment, a portion of the profits will be shared with the government in the form of special levy for a certain period.
Spun off from SK Innovation in 2021, SK Earthon is focusing its business on two pillars, which are the E&P and green business. SK Innovation entered overseas E&P projects from the Karimun Block in Indonesia in 1983 through equity participation as Korea’s first private E&P company. As its endeavor never ceased, SK Earthon, SK Innovation’s subsidiary, currently participates and manages 10 blocks across 8 countries and 4 LNG projects. Furthermore, the daily production of those 10 blocks reaches approximately 52,000 BOE (Barrel of Oil Equivalent). In terms of its other business pillar, a green business, by utilizing the company’s exploration technology that has been accumulated from the E&P business, the company pushes forward with CCS (Carbon Capture and Storage) projects, and currently, it has been focusing on discovering carbon dioxide storage sites by participating in various projects both domestically and internationally.
SK Earthon CEO Myeong Seong said, “We were able to achieve successful oil production based on the technological expertise that we have accumulated over the 40 years since we ventured into overseas resource development as the first domestic private company in 1983." He added, “Along with our E&P business, we will continue to invest in our CCS business projects and achieve our goals of carbon neutrality and growth of the company."
[Photos]
(Photo 1) Crude oil production platform installed in China's 17/03 offshore block.
(Photo 2) Crude oil production platform and floating crude oil production and storage facility installed in China's 17/03 offshore block.
(Photo 3) The location of LF (Lufeng) 12-3 oil field in the Block 17/03, China.
(Photo 4) The current status of SK Innovation's subsidiary oil production development businesses.
■ Related articles
- SK Earthon signs Production Sharing Contract for Block SK 427 offshore Malaysia with Petronas and PSEP
- SK Innovation Additionally Discovers Crude Oil by Exploring Block 15-1/05 Located in the Sea off Southeastern Vietnam
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|
SOCIAL VALUE
[Documentary] By your side, "Sharing Happiness, Carrying on Love"
We don't realize how precious a moment can be until it becomes a fading memory.
The friends who were by our side, the support they gave us to help get us through difficult times no matter how big or small, and companions who we shared our daily life with.
For the elderly, time continues to pass and the number of people around them slowly get smaller. We just need to fill in the empty gaps and spread happiness and love.
'Sharing Happiness, Carrying on Love' for the elderly living alone.
Would you like to join SK Innovation?
■ Related articles
- SK Innovation resumed “Sharing Happiness, Carrying on Love” program to support the elderly living alone
- SK Global Chemical and SK Lubricants participated in “Sharing a Meal, Warm Contact” program
- “Social distancing, but let’s keep our hearts close” – a special message from SK Innovation to support elderly living alone
|
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SK IE Technology
[SKinno Tech] The core materials of secondary battery – Separator
Aiming to be a global leading Green Energy & Materials Company, SK Innovation and all affiliates are taking “Carbon to Green” strategies with innovative solutions that can bring clean energy to the world and build a sustainable world for our future.
Through SKinno Tech Series, we will provide a comprehensive introduction from the basics of SK Innovation and affiliates’ businesses to in-depth explanations of our products and technologies, including those of our affiliates. The series starts with a few episodes discussing the latest advancements in secondary cell technology and battery materials, which are critical to build a sustainable future for everyone.
Following the previous post of anode and cathode materials, we will talk about separators this time. Separators serve as essential components within Lithium-ion batteries, positioned between the anode and cathode, to safeguard against internal short-circuits during both the charging and discharging phases.
Let’s find out more about the features of separators though the card news below.
(Swipe left to check the cards)
■ Related articles
- The core materials of secondary cells – Anode materials
- The core materials of secondary cells – Cathode materials
|
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The pivotal role of enterprises in recovering mangroves on the coast of the Vietnamese Mekong Delta (by Dr. Tran Thi Ngoc Bich, Vice Director at Institute of Environmental Science and Technology, Tra Vinh University)
Climate change affects the health, agriculture, forestry, water, and marine resource sectors, as well as on rainfall patterns. As coastal areas are especially vulnerable to the effects of climate change, high waves can cause coastal abrasion, leading to damage to infrastructure in coastal areas. In reference to tackling the climate crisis, mangroves are commonly referred to as a nature-based solution (NbS)(1). By leveraging the strengths that already exist in nature, a nature-based solution can mitigate or adapt to the impact of change. The importance of the mangrove ecosystems is to prevent coastal erosion, mitigate the adverse effects of rising sea levels, absorb pollutants in coastal waters, and contribute to stabilizing people's livelihoods. (1)Nature-based solution (NbS): Actions to protect, sustainably manage, or restore ecosystems, that address societal challenges such as climate change etc. effectively and adaptively. Mangrove forests in the Mekong Delta account for more than 60% of the total mangrove forest area in Vietnam. Due to the natural impacts and socioeconomic activities, the mangrove area in the Mekong region has significantly declined. The total area of mangroves in the Mekong Delta decreased from 185,800 ha in 1973 to 102,160 ha in 2020, with a loss of 2,150 ha per year to aquaculture expansion and 430 ha per year to coastal erosion. As a result, various policies and projects on mangrove restoration, rehabilitation, and plantations have been implemented in the Mekong Delta. From 2015 to the present, 10,042 hectares of mangrove forests have been planted and restored. It is expected that in the period of 2022–2025, 2,631 hectares of mangrove forests will continue to be planted. However, due to the unique topography, flow regime, and lack of financial incentives, the restoration of mangroves in the Mekong Delta is facing difficulties. Therefore, the role of local authorities and the cooperation and sponsorship of the private sector or enterprise in the project's implementation are paramount. The Intended Nationally Determined Contribution(2) of Vietnam stated that mangrove plantations are one of the important options for climate change mitigation and could help Vietnam reach its net-zero carbon emission target by 2050. Moreover, with the adoption of the Paris Agreement(3), 29 parties, including Vietnam, have committed to using mangrove restoration as a climate mitigation activity. (2)Intended Nationally Determined Contribution (INDC): The primary means for governments to communicate internationally the steps they will take to address climate change in their own countries. - Source: World Resources Institute (3)Paris Agreement: A legally binding international treaty on climate change - Source: United Nations Climate Change The project to restore and preserve mangrove forests along the Mekong Delta proposed by MangLub, which was established by SK Innovation, is very significant because the Mekong Delta is heavily affected by climate change. The project and initiatives all contributed to successful mangrove restoration projects and programs that have played a significant role in maintaining and increasing mangrove forest cover in the Mekong Delta. This is particularly important as a project on the protection and development of coastal forests from 2021–2030 was recently approved by the Vietnam government on October 10, 2021. The actions of MangLub - SK Innovation will be an important basis for the boom of mangrove restoration projects in the coming years, especially when restoration projects are well-designed. Under the Mangrove Reforestation Project, MangLub - SK Innovation will contribute to reaching the target of restoring and afforesting 91,000 ha of mangroves in the Mekong Delta provinces for the period of 2021-2025. ■ Related articles - SK Innovation and Vietnam Social Value Alliance unite to expand the Mangrove Reforestation Project - From M to E, what you should know about Mangrove - SK Innovation’s Mangrove Reforestation Project creates both economic and environmental values with new model
2023. 09. 26
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The pivotal role of enterprises in recovering mangroves on the coast of the Vietnamese Mekong Delta (by Dr. Tran Thi Ngoc Bich, Vice Director at Institute of Environmental Science and Technology, Tra Vinh University)
Climate change affects the health, agriculture, forestry, water, and marine resource sectors, as well as on rainfall patterns. As coastal areas are especially vulnerable to the effects of climate change, high waves can cause coastal abrasion, leading to damage to infrastructure in coastal areas. In reference to tackling the climate crisis, mangroves are commonly referred to as a nature-based solution (NbS)(1). By leveraging the strengths that already exist in nature, a nature-based solution can mitigate or adapt to the impact of change. The importance of the mangrove ecosystems is to prevent coastal erosion, mitigate the adverse effects of rising sea levels, absorb pollutants in coastal waters, and contribute to stabilizing people's livelihoods. (1)Nature-based solution (NbS): Actions to protect, sustainably manage, or restore ecosystems, that address societal challenges such as climate change etc. effectively and adaptively. Mangrove forests in the Mekong Delta account for more than 60% of the total mangrove forest area in Vietnam. Due to the natural impacts and socioeconomic activities, the mangrove area in the Mekong region has significantly declined. The total area of mangroves in the Mekong Delta decreased from 185,800 ha in 1973 to 102,160 ha in 2020, with a loss of 2,150 ha per year to aquaculture expansion and 430 ha per year to coastal erosion. As a result, various policies and projects on mangrove restoration, rehabilitation, and plantations have been implemented in the Mekong Delta. From 2015 to the present, 10,042 hectares of mangrove forests have been planted and restored. It is expected that in the period of 2022–2025, 2,631 hectares of mangrove forests will continue to be planted. However, due to the unique topography, flow regime, and lack of financial incentives, the restoration of mangroves in the Mekong Delta is facing difficulties. Therefore, the role of local authorities and the cooperation and sponsorship of the private sector or enterprise in the project's implementation are paramount. The Intended Nationally Determined Contribution(2) of Vietnam stated that mangrove plantations are one of the important options for climate change mitigation and could help Vietnam reach its net-zero carbon emission target by 2050. Moreover, with the adoption of the Paris Agreement(3), 29 parties, including Vietnam, have committed to using mangrove restoration as a climate mitigation activity. (2)Intended Nationally Determined Contribution (INDC): The primary means for governments to communicate internationally the steps they will take to address climate change in their own countries. - Source: World Resources Institute (3)Paris Agreement: A legally binding international treaty on climate change - Source: United Nations Climate Change The project to restore and preserve mangrove forests along the Mekong Delta proposed by MangLub, which was established by SK Innovation, is very significant because the Mekong Delta is heavily affected by climate change. The project and initiatives all contributed to successful mangrove restoration projects and programs that have played a significant role in maintaining and increasing mangrove forest cover in the Mekong Delta. This is particularly important as a project on the protection and development of coastal forests from 2021–2030 was recently approved by the Vietnam government on October 10, 2021. The actions of MangLub - SK Innovation will be an important basis for the boom of mangrove restoration projects in the coming years, especially when restoration projects are well-designed. Under the Mangrove Reforestation Project, MangLub - SK Innovation will contribute to reaching the target of restoring and afforesting 91,000 ha of mangroves in the Mekong Delta provinces for the period of 2021-2025. ■ Related articles - SK Innovation and Vietnam Social Value Alliance unite to expand the Mangrove Reforestation Project - From M to E, what you should know about Mangrove - SK Innovation’s Mangrove Reforestation Project creates both economic and environmental values with new model
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