■ SK Earthon and AAT signed an MOU to strengthen technological capabilities in the petroleum development and CCS sectors.
– Pushing forward with sharing and enhancing their respective technologies and long-term cooperation in monitoring stored carbon in the CCS business area
■ A case signifying the win-win growth of a large cooperate and a small company with technological prowess, also contributing to the establishment of an environmentally friendly industrial ecosystem.
■ SK Earthon: “We will continue to expand the overseas resource development ecosystem by finding and partnering with technologically advanced small enterprises in Korea.”
SK Earthon aims to sharpen its technological edge in petroleum development, Carbon Capture & Storage (CCS), and ESG management through collaborations with domestic technology-oriented small enterprises.
SK Earthon announced that it has signed a memorandum of understanding (MOU) with AAT (Advanced Aquatic Technology) Co., Ltd., a Korean ocean exploration company, on June 20, 2022, to reinforce technological capabilities in the areas of petroleum development and CCS. CCS refers to the entire process of capturing, transporting, and injecting carbon dioxide into an underground storage facility. It entails carbon dioxide capturing, pre-processing, transportation, and storage.
Under the terms of the MOU, SK Earthon and AAT intend to share and improve their respective petroleum development and CCS technologies, as well as to engage in long-term cooperation in terms of monitoring after storage in the course of CCS processing.
Both companies anticipate that the cooperation will enhance the accuracy of resource exploration by combining SK Earthon’s overseas petroleum development infrastructure and offshore exploration and drilling with ATT’s OBS* technology. If this technological collaboration is extended to the CCS industry, it is predicted that the OBS technology will be used to monitor stored carbon dioxide leakage.
(*) OBS (Ocean Bottom Seismometer): A survey instrument that can monitor the surfaces of the seabed without directly measuring under water. It detects reflected or refracted waves on seabed surfaces to evaluate subsurface geographic structures and others.
This MOU is especially significant in that it promotes the win-win partnership between a large corporation and a small enterprise empowered by specialized technology in Korea. It also helps develop an ecosystem for the environmentally friendly industry in Korea by creating the door for joint cooperation in the CCS field.
Since September of last year, SK Earthon has vigorously pursued the implementation of ESG management in the context of major business’ environmental and social responsibility as a corporate citizen. As part of the initiative, the company has sought to establish cooperative ties with small high-tech companies in the domains of petroleum, CCS, and Artificial Intelligence (AI) among others.
Founded in 2004, AAT has conducted extensive maritime investigations and research using cutting-edge underwater acoustic technologies and equipment. The company, in particular, is the only one with its own OBS technology in Korea, making it the leading technology company, and it also has engaged in an offshore carbon dioxide storage demonstration project.
“SK Earthon will continue to seek out and collaborate with technologically advanced small enterprises with core technologies in petroleum development and CCS. As a result, we will seek various business opportunities to execute the “Carbon to Green” Financial Story while continuing to improve the overseas resource development ecosystem,” said Han Young-ju, Head of E&P Tech. Center, SK Earthon.
Lee Chang-sik, President of AAT Co. Ltd, (left) and Han Young-ju, Head of E&P Tech. Center, SK Earthon (right) take a photo after the MOU signing ceremony on June 20, 2022 (KST) at SK Seorin Building, Seoul, South Korea