During a recent tour of the Barossa gas field with Korean brokerage analysts, SKI E&S executives unveiled the company’s LNG business roadmap.“With the business operation of the Barossa gas field in the third quarter, our total LNG trading volume will rise to 6.3 million tons this year, up 19% from last year,” said a company executive.“By 2030, we expect our LNG trading volume, including gas from Barossa, to reach 10 million tons.”Formerly SK E&S, SKI E&S is a company created through a merger with SK Innovation Co., the parent of Korea’s largest oil refiner SK Energy Co.and battery maker SK On Co.last November.
The company intends to use LNG-derived methane to produce hydrogen while capturing and storing the resulting carbon emissions – a process known as blue hydrogen production.“Our expansion into upstream LNG operations is just the beginning,” said an SKI E&S official.“We aim to establish a comprehensive energy value chain that includes LNG, carbon capture and hydrogen.”SK has been in a carbon capture and storage project at the Bayu-Undan gas field, located off the south coast of Timor-Leste.
COMPETING WITH GLOBAL ENERGY GIANTSSKI E&S plans to leverage multiple sources to meet its 10-million-ton LNG target, including production from the Barossa field, which will start at 1.3 million tons annually, and the company’s acquisition of the Woodford gas field in the US, which will add 1 million tons a year.
The story "SK Innovation E&S to secure 10 mn tons of LNG to compete with BP, Shell" has 665 words across 28 sentences, which will take approximately 3 - 6 minutes for the average person to read.
Which news outlet covered this story?
The story "SK Innovation E&S to secure 10 mn tons of LNG to compete with BP, Shell" was covered 6 hours ago by Korea Economic Daily, a news publisher based in South Korea.
How trustworthy is 'Korea Economic Daily' news outlet?
Korea Economic Daily is a fully independent (privately-owned) news outlet established in 1964 that covers mostly economy news.
The outlet is headquartered in South Korea and publishes an average of 2 news stories per day.
It's most recent story was published 11 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
