Ulsan City and the Korea National Oil Corporation (KNOC) have formally agreed to collaborate on the development of oil resources and the realization of carbon neutrality. On January 6, the two parties signed a comprehensive business agreement aimed at advancing sustainable energy initiatives and enhancing the region’s role in the global energy transition, as reported by MAEIL Business Newspaper. The partnership will focus on a range of key projects, including the development of the Donghae deep-sea gas field, the floating offshore wind power generation project, carbon dioxide capture, utilization, and storage (CCUS) technologies, and the establishment of an ammonia supply system. Additionally, the agreement outlines plans to create a policy network that integrates industry, academia, research institutions, and government bodies to foster collaboration and innovation in the energy sector.

Ulsan Mayor Kim Doo-gyeom expressed his enthusiasm for the agreement, highlighting the mutual benefits it will bring to both parties. He stated, "We have laid the foundation for shared growth and mutual development with Korea National Oil Corporation, a global energy company." Mayor Kim emphasized that this partnership would not only drive the city’s energy ambitions but also strengthen Ulsan’s status as a leader in sustainable energy solutions. The collaboration is expected to provide significant economic and environmental benefits to the region, while contributing to the global effort to combat climate change.

Since relocating its headquarters to Ulsan Innovation City in 2014, KNOC has been a central player in the region's energy landscape. The corporation has already made notable strides in natural gas production, having successfully extracted 45 million barrels of gas from the Donghae gas field off the coast of Ulsan between 2004 and 2021. This new agreement deepens KNOC’s commitment to the region and further positions it as a driving force behind energy innovation and sustainability in Korea.

The projects outlined in the agreement are central to Ulsan’s and South Korea’s broader goal of achieving carbon neutrality by 2050. The Donghae deep-sea gas field development, known as "The Great Whale," will increase the region’s capacity to produce natural gas. At the same time, the floating offshore wind power project will harness renewable energy resources from the sea, helping to reduce the country’s reliance on fossil fuels. The CCUS initiative, which focuses on capturing and storing carbon dioxide emissions, will play a crucial role in mitigating the environmental impact of industrial activities. Moreover, the establishment of an ammonia supply system is essential to support the development of green hydrogen, further advancing Ulsan’s ambitions to become a hub for clean energy innovation.

This partnership represents a significant milestone in Ulsan’s pursuit of a carbon-neutral future. By combining the resources and expertise of both Ulsan City and KNOC, the agreement marks a major step toward transforming the city into a leader in green energy and sustainable development. Through these efforts, both organizations aim to create long-term economic growth, generate job opportunities, and reduce greenhouse gas emissions, contributing to the global fight against climate change. As a result, Ulsan is poised to play a vital role in shaping the future of the energy industry, both domestically and internationally.