News from Equinor Korea

• Successful completion of Bandibuli’s Environmental Impact Assessment through close cooperation with fishermen and government agencies
• Important milestone to meet criteria for participating in the fixed price contract auction for wind power projects bringing project one step closer to large-scale renewable energy supply
• Collaborated with over 200 local and international experts to conduct detailed investigations for about two years

Geoje, 13 June 2024 – Equinor and Samsung Heavy Industries (SHI) today reaffirmed their long-standing partnership and commitment to advancing Korea’s energy transition through the development of the Bandibuli offshore wind project in Ulsan.

• 2.1% production growth, contributing to energy security  
• Presenting updated outlook for profitable growth towards 2035 with a stronger cash flow, a broader energy offering and lower emissions 

The total tax contribution for Equinor amounted to USD 49.2 billion in 2022. Following Russia’s invasion of Ukraine, 2022 was a year with high and volatile energy prices.

Korea Southern Power (KOSPO) and Equinor have signed an MoU to explore a potential collaboration on offshore wind projects near Chuja Island.

Equinor, a Norwegian state-owned broad energy company, announced on 7^th of November that it signed a business agreement with the Korea Advanced Institute of Science and Technology (KAIST) on 6^th of November to cooperate in innovation and energy transition for a sustainable future.

• Equinor Korea volunteers provide support and event prizes for festival attendees.
• "A continued effort to coexist and thrive with Chuja residents.
• Plogging event on the festival's final day.

• Begins supplying renewable energy to the UK's National Grid for households and industries.
• Upon completion in 2026, the Equinor-operated wind farm will power 6 million British homes annually.
• Features the world's largest wind turbines and groundbreaking technologies.

Collaboration in Offshore Wind, Hydrogen, Steel, and LNG Supply Sectors to Drive Energy Transition

• Partnerships signed with Hyundai Engineering, LG Chem, POSCO E&C and SK ecoplant
• Combining deep offshore expertise with local experience and resources to promote groundbreaking projects

• Supplying 35% of annual power demand to North Sea oil and gas platforms.
• 60% of total development cost benefits local supply chain, fueling local economy 

Equinor has acquired 100% of the shares in the Chujin offshore wind project east of Chuja island, Jeju province, Korea. The project is located near Equinor’s Hoopoong project.

Through the acquisition, Equinor acquires 100% of the shares in Chujin Co Ltd from Daejin L&L Co Ltd, Elenergy Co Ltd and another minority shareholder. Chujin Co Ltd owns environmental data and water permits for the Chujin offshore wind project, located approximately 10-20 kilometers east of Chuja Island in Jeju province, and 40 km from South Jeolla province. The water depth in the area is 40-70 meters, with the potential for a bottom-fixed wind farm with substantial electricity generating capacity.

• Investment declaration ceremony attended by President Yoon Seok-yeol held in Paris, France on June 21st
• Contribution towards achieving carbon neutrality through investments in offshore wind and the energy transition in South Korea

A pilot study completed by Equinor and Norwegian Research Centre (NORCE) has been successful in using environmental DNA (eDNA) to monitor the biodiversity and abundance of marine life in waters around the floating Hywind Scotland wind farm.

Equinor Korea has announced the results of model testing for the structures to be installed in the Bandibuli/Firefly offshore wind project, which took place at SINTEF Ocean’s testing facility in Trondheim, Norway from 22nd February to 22nd March, 2023.

Contribute to fostering local experts and building the local talent pool for offshore wind by establishing industry-academia collaboration programs