LONDON — SK Earthon (SKEO) and Azuli International have signed a memorandum of understanding for a collaboration to identify and develop carbon capture and storage (CCS) solutions globally.
SKEO, a South Korean E&P company, aims to apply CCS to address emissions in the Asia-Pacific region.
Azuli is a UK-based CCS specialist with a portfolio of interests, including in Australia, Europe and the US. It also has offices in Houston and Perth, Australia. The company was formed recently by the management team that set up Lapis Energy LP in the US.
The two parties intend to work on potential projects involving transportation of industrial scale emissions of CO2 via pipelines or ships for permanent sequestration in subsurface geological formations.
Their initial focus will be on opportunities in Australia and the US, where there are established CCS-related legal systems, before examining other possibilities elsewhere, including South Korea.