The Korean Ministry of Trade, Industry and Energy will conduct a feasibility study for an integrated CCS (carbon capture and storage) pilot project utilising the East Sea gas field.
CCS is a technology that collects carbon dioxide from power plants or various factories and then applies pressure to store it in an empty space in the stratum.
This feasibility study is to establish action plans for a safe and economical integrated CCS pilot project utilising the East Sea gas field’s depleted reservoir, and examine its technical, policy and economic feasibility.
Therefore, the Ministry will select a collection source for the LNG power plant and petrochemical plant in the nearby regions of Ulsan City and derive the basic design plan of the collection and storage plant using the depleted reservoir of the East Sea gas field as a storage, conducting evaluation on the stability of facilities and natural gas transport piping currently used in the East Sea gas field, and preparing basic design plans such as recycling the existing facilities and performing economic profit and loss calculations according to the construction of new facilities.
In addition, the Ministry will conduct an economic feasibility study such as analysis on reliable costs and profits utilising trends and forecasts of international carbon markets,
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