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bp enters South Korean offshore wind market

Wednesday, February 15 2023

Wind Energy – South Korea

Anja-Isabel Dotzenrath, Executive Vice President of Gas and Low Carbon Energy at bp, announced on social media the fact that bp is entering the South Korean market, forming a joint venture with Deep Wind Offshore.

bp acquires a 55% stake in its portfolio of four projects in South Korea with a potential generating capacity of up to 6 gigawatts.

South Korea is a key Asian offshore wind market, with strong growth ambitions providing multiple green power integration options for bp.

bp plans to invest 50% of its capex (cumulative $55-65bn) into transition growth businesses by 2030 – which include renewables, low carbon hydrogen, biofuels and e-mobility & convenience – up from 3% in 2019 and 30% in 2022.

This demonstrates how serious the company is about becoming an integrated energy company – investing in the hydrocarbons the world needs today and at the same time heavily leaning in the energy transition.

The offshore wind activities in South Korea are part of a broad set of opportunities bp is pursuing to safely provide the secure, affordable, and lower carbon energy the world needs.

Related posts:

  1. Deep Wind Offshore secures site exclusivity in South Korea
  2. Joint Venture invests in 900MW offshore wind project
  3. OX2 to develop 1,400 MW wind farm offshore Finland
  4. FUGRO UST 21 opens office in Korea

Filed Under: BP, Deep WInd Offshore, International News, Joint Venture, South Korea, Windenergy Tagged With: BP, Deep Wind Offshore, joint venture, South Korea, wind energy

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