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.