Ulsan City and Korea National Oil Corporation Sign MOU on East Sea Oil and Gas Resource Development and Carbon Neutrality

Mutual Cooperation in Core Projects such as Donghae Deep Sea Gas Field and Floating Offshore Wind Power

On January 6th at 11 a.m., Ulsan City will sign a comprehensive business agreement with Korea National Oil Corporation (KNOC) in the mayor's office for the development of East Sea oil and gas resources and carbon neutrality.

This agreement was prepared as Ulsan City, which is promoting the establishment of a global energy hub and the construction of a hydrogen city, and KNOC, which is advancing projects such as the Ulsan South Port Energy Hub and the demonstration project for carbon dioxide capture, utilization, and storage (CCUS) using the East Sea gas field, reached a consensus on the need to expand mutual cooperation.

The signing ceremony will be attended by Kim Doo-gyeom, Mayor of Ulsan, and Kim Dong-seop, President of KNOC, who will pledge to work together for the development of East Sea oil and gas resources, fostering new local industries, and achieving carbon neutrality, as well as to cooperate for producing results.

Main cooperation details

▲ Establishment of mutual cooperation and consultation systems for key projects such as the East Sea deep-sea gas field, floating offshore wind power, ammonia (hydrogen) supply systems, carbon dioxide capture, utilization, and storage (CCUS), and energy hubs ▲ Joint response for selection of pilot and demonstration projects ▲ Establishment and operation of industry-academia-research-government policy networks ▲ Training of specialized personnel and expansion of local company participation.

According to the agreement, Ulsan City and KNOC plan to share information on various energy sector projects and build a practical and sustainable cooperative relationship, continuing linked cooperation.

Mayor Kim Doo-gyeom said, “Through this agreement, a foundation has been laid for mutual growth and development with Korea National Oil Corporation, a global energy company,” adding, “It is expected that the status of Ulsan, the industrial capital, will be further strengthened through the synergistic effects of joint cooperation.”

Korea National Oil Corporation relocated its headquarters to Ulsan Innovation City in 2014 and commercially produced about 45 million barrels of oil and gas from the East Sea gas field located off the coast of Ulsan from 2004 to 2021.

Ulsan City Hall.

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