Woodside Energy has signed a non-binding memorandum of understanding with SK E&S, South Korea’s largest private renewable energy operator, to enable studies relating to investments and potential offtake deals in lower-carbon hydrogen and ammonia projects across Australia and South Korea.
Under the agreement, Woodside and SK E&S plan to jointly explore opportunities relating to long-term offtake arrangements and equity participation in ammonia and hydrogen production projects, and project engineering supply opportunities.
Woodside Executive Vice President New Energy Shaun Gregory said the agreement reflects the increasing demand for large-scale clean energy solutions from the company’s industry partners in the Asia Pacific region.
“This collaboration will help inform our development of the new energy products and services which could support our customers’ decarbonisation, unlock new market opportunities and support the broader Asia Pacific region in their climate goals and net zero aspirations,” he said.
Woodside has previously announced plans to allocate more than $7 billion (USD 5 billion) to clean energy ventures by 2030 as it works to enhance its resilience to the energy transition.
The Perth-based oil and gas producer is already progressing a series of new energy ventures, including the recently approved 500 MW solar farm being developed near Karratha in Western Australia’s northwest.
It is also hydrogen projects in development near Perth, in Tasmania, and in New Zealand, and is also examining a solar thermal project in the United States.
SK E&S, which is active in the development of gas fields, including in northern Australia, and in the distribution of gas to customers across eight regions in South Korea, is planning to become a major global hydrogen provider by utilising its LNG business infrastructure and value chain integration capability.
The company is also planning to become a major player in the clean energy sector, targeting 7 GW of renewable generation capacity by 2025. At present, the company has about 2.5 GW of renewables in operation and development.
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