Boosted by rising oil prices and picking up demand, oil companies that have been hit hard by the pandemic have gradually recovered. As their financial situation improves, oil companies have sped up the expansion in natural gas and renewable energy.
China National Offshore Oil (CNOOC), photo from Solarbe.com
China National Offshore Oil (CNOOC), China’s largest offshore crude oil and natural gas producer, introduced its low-carbon development strategic plan at the interim results conference call. While promoting offshore wind projects, the company also plans to develop onshore solar PV and onshore wind projects.
CNOOC Chairman Wang Dongjin said that during the 14th Five-Year Plan period, the company plans to develop more than 5 million kilowatts of onshore solar PV and wind projects. “New energy is a new business field for CNOOC, and it is still in its infancy. The company plans to invest 5% to 10% of total capital expenditure on new energy business during the 14th Five-Year Plan period. In the early stage, it was mainly to obtain wind farms and PV resources. The company will increase its investment in the future.”
CNOOC’s 2021 interim results showed that oil and gas sales revenue in the first half of the year reached 100.63 billion yuan, a year-on-year increase of 51.7%. The net profit was 33.33 billion yuan, a sharp increase of 221.0% year-on-year.
