BP Enters South Korean Offshore Wind Market with New Partnership
By BP has entered the South Korean offshore wind market in a joint venture with Norway-based Deep Wind Offshore.[0] The venture includes a highly capable team in four offices around the country and a strong history in South Korea since 2006 through its owner Knutsen Group, which is currently one of the biggest clients to the Korean yards in the shipbuilding segment.[0] BP also has a 40-year history in the country, including sizeable oil and LNG trading activities and its Castrol lubricants business.[0]
The venture follows an agreement between Doosan Enerbility, formerly Doosan Heavy Industries, and Spanish-German wind power solution producer Siemens Gamesa to carry out various offshore wind projects in South Korea. Doosan Enerbility will assemble Siemens Gamesa’s offshore wind turbines as part of the agreement, while also benefiting from the company’s knowledge exchange on technology.
By 2030, South Korea is aiming to source approximately 22% of its energy from renewable sources, positioning itself to be a major player in the offshore wind sector.[1] BP's 55% stake in Deep Wind Offshore's portfolio includes four projects across the Korean peninsula with a potential generating capacity of up to 6 GW.[2] The permitting process for the four projects has already begun, with wind measurement devices installed in 2021 and 2022.[3] BP and Deep Wind Offshore plan to install more wind measurement systems and obtain electric power business permits in the near future.[1]
Siemens Gamesa’s CEO of offshore business, Marc Becker, said: “We are eager to bring our market-leading offshore skills including our unique offshore Direct Drive nacelle technology to South Korea. We will also greatly benefit from Doosan’s deep understanding of the Korean market to accelerate the country’s energy transition. In doing so, the partnership intends to promote local job growth and inward investment while delivering clean, green energy”.[4]
BP has an operating onshore wind portfolio in the U.S. with a generating capacity totalling 1.7GW.[5] The company is making strides to expand its worldwide offshore wind capacity, boasting a total net capacity of 5.2GW.[6] BP, in partnership with EnBW, is in the process of developing the Morgan and Mona projects in the Irish Sea and the Morven project in the North Sea, off the coast of Scotland, in the United Kingdom.[6]
0. “bp enters South Korea offshore wind market with new Deep Wind Offshore joint venture” Energy Global, 15 Feb. 2023, https://www.energyglobal.com/wind/15022023/bp-enters-south-korea-offshore-wind-market-with-new-deep-wind-offshore-joint-venture/
1. “BP enters South Korea offshore wind market via joint venture” Marketscreener.com, 15 Feb. 2023, https://www.marketscreener.com/quote/stock/BP-PLC-9590188/news/BP-enters-South-Korea-offshore-wind-market-via-joint-venture-42989690/
2. “Siemens Gamesa, Doosan Enerbility sign partnership agreement for Korean offshore wind market” Riviera Maritime Media, 7 Feb. 2023, https://www.rivieramm.com/news-content-hub/news-content-hub/siemens-gamesa-doosan-enerbility-sign-partnership-agreement-for-korean-offshore-wind-market-74863
3. “BP enters South Korean offshore wind market with Deep Wind joint venture” Riviera Maritime Media, 15 Feb. 2023, https://www.rivieramm.com/news-content-hub/bp-enters-korean-offshore-wind-market-with-deep-wind-offshore-jv-74997
4. “Siemens Gamesa and Doosan pursue South Korean offshore wind” Power Engineering International, 7 Feb. 2023, https://www.powerengineeringint.com/renewables/wind/siemens-gamesa-and-doosan-pursue-south-korean-offshore-wind-market/
5. “bp enters South Korea offshore wind market with new Deep Wind Offshore joint venture | News and insights | Home” BP, 15 Feb. 2023, https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-enters-south-korea-offshore-wind-market-with-new-deep-wind-offshore-joint-venture.html
6. “bp, Deep Wind Offshore partner to develop offshore wind opportunities in South Korea | REVE News of the wind sector …” REVE, 15 Feb. 2023, https://www.evwind.es/2023/02/15/bp-deep-wind-offshore-partner-to-develop-offshore-wind-opportunities-in-south-korea/90236
