SK Innovation E&S Completes Value Chain for LNG Production
SK Innovation E&S has completed its value chain for liquefied natural gas (LNG) production, from development to power generation. The company began full-scale imports of LNG produced from the Barossa gas field in Australia this year.
The Barossa gas field is located approximately 380 kilometers north of Darwin offshore and holds estimated natural gas reserves of about 3.4 trillion cubic feet (Tcf) and ultra-light crude oil reserves of around 51 million barrels.
SK Innovation E&S holds a 37.5% stake in the project, which also includes Santos of Australia at 50%, and Japan's JERA at 12.5%. The company secured approximately 1.3 million tons of LNG per year from this field, representing about 3% of South Korea's annual LNG imports.
The total development investment for the Barossa project was around $4.3 billion, with SK Innovation E&S's share being approximately $1.6 billion.