Hyundai Engineering & Construction (Hyundai E&C) announced on the 14th that it has signed an agreement with the Korea Energy Technology Evaluation Institute to develop technology for sequential transfer expandable floating facilities and basic design for operating a carbon capture and storage (CCS) facility in Southeast Asia.
CCS technology involves capturing emitted carbon dioxide and injecting it deep underground for storage. The project primarily focuses on acquiring conceptual and basic design technology for a floating carbon dioxide injection system that can use depleted oil or gas fields in the Southeast Asian marine region as carbon dioxide storage sites. This is a 5.8 billion won research initiative. Hyundai E&C will lead the research over the next 42 months in collaboration with the Korea National Oil Corporation, the American Bureau of Shipping, Seoul National University, Indonesia’s state-run oil company Pertamina University, and six other institutions.
Traditionally, offshore carbon dioxide storage has utilized structures and pipelines fixed on the seabed. However, in Southeast Asia, where storage sites are widely dispersed, a floating approach is considered more efficient according to the company. Hyundai E&C has developed a carbon dioxide injection system using floating concrete that can remain buoyant on the sea surface, in addition to utilizing ships. The company received basic design approval and plans to turn this into a business model, anticipating up to a 25% reduction in infrastructure construction costs compared to conventional fixed methods.
Furthermore, the company plans to refine the research to expand its application to hydrogen and ammonia projects. A representative from Hyundai E&C stated, “We aim to complete this project to utilize it in cross-border CCS projects that transport and store domestic carbon dioxide overseas, contributing to securing carbon credits and establishing a foothold in the international carbon reduction market.”