After purchasing a stake in Norway's Deep Wind Offshore portfolio of projects in the nation, BP announced that it had entered the South Korean offshore wind market.
BP purchased a 55% share in Deep Wind Offshore's early-stage offshore wind portfolio, which consists of four projects on the Korean peninsula with a maximum 6 gigawatts of potential generating capacity.
According to a statement from BP, the projects' permitting process has already begun. By 2030, South Korea wants roughly 22% of its energy to come from renewable sources, and it expects to lead the world in offshore wind development.
As part of its effort to reduce greenhouse gas emissions, BP aims to dramatically increase its installed renewable energy capacity from about 2.2 gigawatts by the end of 2022 to 10 gigawatts by 2030.
Bernard Looney, the company's chief executive, criticised proposals to significantly reduce the company's oil and gas output last week. With its headquarters in Norway, privately held Deep Wind Offshore also develops wind projects there.
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