Norwegian energy giant Equinor is to work with Korea National Oil Corporation to jointly explore the development of commercial floating offshore wind projects in South Korea.
Korea National Oil is setting up a floating offshore wind business and plans a 200MW project at its existing Donghae platform 58km off the coast of Ulsan City.
KNOC is 100% owned by the South Korean state and has a mandate to ensure South Korea’s energy security.
South Korea plans to increase its renewable energy generation share to 20% by 2030, which translates to a target of 49GW of new clean power capacity by 2030, Equinor said.
Equinor senior vice president for wind and low carbon in new energy solutions Stephen Bull said: “South Korea has large potential and offers attractive opportunities within offshore wind.
“We are pleased to sign a MoU with KNOC to strengthen our collaboration. We look forward to evaluate how we can further expand our portfolio within offshore wind and contribute to develop renewable energy solutions in South Korea.”
Korea National Oil senior vice president Jae-Heon Shim said: “Executing a MoU with Equinor will become a critical opportunity that will advance to practical steps of floating offshore wind in Korea.
“We plan to actively focus on progress and de-risking studies including feasibility studies in collaboration with Equinor.
“We will make every endeavor to meet the government initiative and create lasting values for local communities.”
Equinor operates the world’s first full-scale commercial floating offshore wind farm, Hywind Scotland (pictured) off the coast of the UK.