Equinor to work with Korean construction giants on 3GW offshore wind project
Transitioning oil and gas giant sees South Korea as one of the best markets for developing offshore wind
Norway’s Equinor will work with four major South Korean corporations to deliver two gigascale offshore wind projects in the country.
The state-owned oil and gas major announced this week that it had entered into a memorandum of understanding with construction firms Hyundai Engineering, Posco E&C and SK Ecoplant, along with chemicals giant LG Chem.
The partners will work together on the Hoopoong and Chujin offshore wind farms near Chuja Island off the south coast of Korea, each planned with a capacity of 1.5GW.
Bjorn Inge Braathen, Equinor’s managing director for Korea, said the “groundbreaking projects” are important at a “regional and national level”.
“Through this collaboration, we will combine our deep expertise with local experience and resources to the benefit of these Korean projects,” he said.
This collaboration will explore various options and opportunities connected to the development of the projects, including floating and bottom fixed technology, hydrogen, digitalisation, Equinor stated.
The two proposed offshore projects, located 10-40km east and west of Chuja Island, are at an early stage, currently preparing applications for seabed exclusivity. The next step after that will be preparing an environmental impact assessment, Equinor said.
The deal follows a June investment declaration ceremony in Paris, attended by Korean President Yoon Suk Yeol, in which Equinor pledged to invest in offshore wind in the country.