Hyundai Heavy Industries Group and its compatriot Korea National Oil Corp. (KNOC) have developed an offshore CO2 storage platform aiming to store around 400,000 tons of captured carbon dioxide per year.
The platform, approved by Norwegian classification society DNV, is set to launch in 2025 and operate for 30 years, storing CO2 under the ocean floor in a gas field located 58 km off the coast of Ulsan.
The group’s two affiliates, Korea Shipbuilding & Offshore Engineering (KSOE) and its subsidiary Hyundai Heavy Industries (HHI) have worked on the project, which will see the CO2 captured and liquefied on land and transported by ships or pipelines. KSOE will develop a CO2 injection system, HHI is in charge of the basic design of the platform, while KNOC will manage gas injection and operations.
Hyundai Mipo Dockyard and KSOE have recently joined forces with steelmaking giant Posco along with Lloyd’s Register and the Liberian registry, to develop a liquid CO2 carrier tanker by 2025.