Korea National Oil Corporation, Ulsan City, and Hyundai Heavy Industries Sign Agreement on Floating Offshore Wind Power Generation

Strengthening Mutual Cooperation to Establish Korean-Style Floating Offshore Wind Power System
Promoting 200MW Scale Linked to Donghae 1 Gas Field Offshore Facilities

Korea National Oil Corporation, Ulsan City, and Hyundai Heavy Industries held a "Mutual Cooperation Agreement Ceremony for the Establishment of the Donghae 1 Korean-type Floating Offshore Wind Power System" on the 8th.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Korea National Oil Corporation (President Yang Soo-young) held a ‘Mutual Cooperation Agreement Ceremony for the Establishment of the Donghae1 Korean-type Floating Offshore Wind Power System’ with Hyundai Heavy Industries on the 8th, and will begin full-scale cooperation with companies and institutions participating in the offshore wind power business.

The agreement ceremony was attended by Song Cheol-ho, Mayor of Ulsan, Yang Soo-young, President of Korea National Oil Corporation, and Han Young-seok, President of Hyundai Heavy Industries.

The Oil Corporation is jointly promoting the 200MW-scale ‘Donghae1 Floating Offshore Wind Power Project’ utilizing the Donghae1 gas field production facilities with Korea East-West Power and Equinor, the Norwegian state-owned oil company.

The Donghae1 gas field is scheduled to cease production in 2022 and is located 58 km southeast offshore from Ulsan.

This project is significant as it commercializes the ‘floating offshore wind power model,’ which is still at the research and development (R&D) stage domestically, marking the beginning of the full-scale offshore wind power era.

According to the agreement signed on this day, the Oil Corporation will take the lead in promoting the Donghae1 floating offshore wind power project by leveraging its experience in offshore plant operations.

Hyundai Heavy Industries will be responsible for technical review in the design, manufacturing, and installation of floating offshore structures based on its world-class shipbuilding and marine technology.

Following the signing of this agreement, the Oil Corporation plans to sequentially sign agreements with POSCO, Doosan Heavy Industries, and LS Cable in September to actively advance the project.

POSCO will supply high-performance steel materials for offshore structures and develop technologies to improve economic efficiency; Doosan Heavy Industries will manufacture offshore wind turbines; and LS Cable will produce subsea cables, with each participating company performing core functions in their respective specialized fields.

Yang Soo-young, President of Korea National Oil Corporation, said, “With the signing of this agreement, we can accelerate the floating offshore wind power project. We will contribute to creating an industrial ecosystem for domestic floating offshore wind power through the implementation of the Green New Deal policy and localization of equipment using domestic technology.”

Once the Donghae1 floating offshore wind power project is fully underway, it is expected to greatly contribute to revitalizing the regional economy through the creation of 25,000 jobs from related facility construction and the ripple effects of upstream and downstream industries.

This content was produced with the assistance of AI translation services.