Obtains Approval in Principle from Norway's DNV
Hyundai Heavy Industries Group announced on Aug. 31 that its two affiliates, Hyundai Heavy Industries Co. and Korea Shipbuilding & Offshore Engineering, have developed a Korean-type CO2 injection platform in partnership with Korea National Oil Corp. (KNOC). They obtained an approval in principle of the platform from DNV in Norway.
Offshore carbon dioxide injection platforms store carbon dioxide transported from land through transport ships or pipelines under sea floors.
The three companies developed the platform in order to store 400,000 tons of carbon dioxide per year under a gas field in the East Sea starting from 2025. They are planning to store a total of 12 million tons of carbon dioxide in the gas field, which will stop producing gas soon.
They signed an agreement on a government-sponsored carbon capture and storage (CCS) project in April. CCS is a technology that collects carbon dioxide from large sources such as industrial facilities, compresses it and stores it on land or under a sea floor.