Hyundai E&C is seeking to reduce greenhouse gas emissions by utilizing a buoyant carbon capture and storage (CCS) technology in the Southeast Asian offshore oil and gas fields.
Hyundai E&C announced on the 14th that it had signed an agreement with the Korea Energy Technology Evaluation and Planning (KETEP), under the Ministry of Trade, Industry and Energy, regarding the 'development of technology for a sequential transfer expansion-type floating CCS facility and carbon dioxide (CO₂) injection concept and basic design for the operation of decentralized CCS storage in Southeast Asia' on the 13th. The total duration of the research will be 42 months, and it plans to conduct an international joint research project with eight private, public, and academic institutions.
CCS technology is a method for safely injecting and permanently storing carbon dioxide that is emitted deep underground.
The national project that Hyundai E&C is undertaking this time aims to secure the concept and basic design (FEED, Front End Engineering & Design) technology for a floating CO₂ injection system to use the depleted oil and gas fields in Southeast Asia as carbon dioxide storage.
The total research budget is 5.8 billion won. The lead research organization, Hyundai E&C, will oversee this project, with participation from eight organizations, including the Korea National Oil Corporation (KNOC), the American Bureau of Shipping, Seoul National University, and Pertamina, Indonesia's state-owned oil corporation.
So far, offshore carbon dioxide storage has involved injecting CO₂ through fixed structures and pipelines on the sea floor. However, in cases where storage sites are scattered, such as in Southeast Asia, floating systems that can be sequentially moved are evaluated to be more efficient.
In this research, Hyundai E&C plans to develop a CO₂ injection system using floating concrete that can float on the sea, a world first in addition to using ships, and to derive a business model that secures basic design approval (Approval In Principle, AIP).
It is expected to reduce infrastructure construction costs by up to 25% compared to existing fixed methods. A representative from Hyundai E&C noted that this could serve as a catalyst for expanding CCS projects in Southeast Asia, including Indonesia.
The floating CCS technology has a high potential for application in blue hydrogen and blue ammonia projects. If infrastructure is established to directly handle carbon dioxide generated during the production of hydrogen or ammonia at sea, it can minimize carbon emissions throughout the entire process of production, storage, and transport.
Hyundai E&C is considering ways to expand the research to include floating hydrogen production and offshore ammonia synthesis facilities, aiming for a maritime carbon-neutral cluster.
A representative from Hyundai E&C said, 'Floating CCS technology is a challenge made possible by Hyundai E&C's strengths in marine civil engineering and various plant fields,' and added, 'We intend to successfully complete this project and contribute to securing carbon emission rights through the 'cross-border CCS' business, which involves transferring and storing domestic CO₂ abroad, and use it as a stepping stone for entering the global carbon reduction market.'