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Ulsan-si and KNOC joined hands for development of Donghae Oil and Gas Field and Carbon Neutrality
On January 6th, Ulsan-si signed a "Comprehensive Business Agreement for the Development of Donghae Oil and Gas Resources and Carbon Neutrality" with the Korea National Oil Corporation (KNOC).
This agreement was made in recognition of the need for mutual cooperation between Ulsan-si, which is promoting the establishment of a global energy hub and the construction of hydrogen cities, and KNOC, which is implementing projects such as the Ulsan South Port Energy Hub and a Carbon Capture, Utilization, and Storage (CCUS) demonstration project utilizing the Donghae gas field.
Under the agreement, both parties will establish a cooperative and consultation system for key projects and work together on selecting pilot and demonstration projects.
They will also strive to build and operate a policy network involving academia, industry, research institutes, and government, foster specialized talent, and expand participation from local businesses.
The two sides will share information on various energy sector projects and aim to create a practical and sustainable partnership.
Ulsan Mayor stated, "I expect the status of Ulsan-si as the industrial capital will be further strengthened based on the synergy with KNOC."
The KNOC moved its headquarters to Ulsan Innovation City in 2014 and commercially produced approximately 45 million barrels of oil and gas from the Donghae gas field off the coast of Ulsan from 2004 to 2021.
canto@yna.co.kr
Source Text
** This article was translated from Korean.
Date
2025.01.07
Views
98
According to Yonhap News,
On January 6th, Ulsan-si signed a "Comprehensive Business Agreement for the Development of Donghae Oil and Gas Resources and Carbon Neutrality" with the Korea National Oil Corporation (KNOC).
This agreement was made in recognition of the need for mutual cooperation between Ulsan-si, which is promoting the establishment of a global energy hub and the construction of hydrogen cities, and KNOC, which is implementing projects such as the Ulsan South Port Energy Hub and a Carbon Capture, Utilization, and Storage (CCUS) demonstration project utilizing the Donghae gas field.
Under the agreement, both parties will establish a cooperative and consultation system for key projects and work together on selecting pilot and demonstration projects.
They will also strive to build and operate a policy network involving academia, industry, research institutes, and government, foster specialized talent, and expand participation from local businesses.
The two sides will share information on various energy sector projects and aim to create a practical and sustainable partnership.
Ulsan Mayor stated, "I expect the status of Ulsan-si as the industrial capital will be further strengthened based on the synergy with KNOC."
The KNOC moved its headquarters to Ulsan Innovation City in 2014 and commercially produced approximately 45 million barrels of oil and gas from the Donghae gas field off the coast of Ulsan from 2004 to 2021.
canto@yna.co.kr
Source Text
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Source: Yonhap News (January 6, 2024)
** This article was translated from Korean.