Chinese offshore oil giant CNOOC sets renewable energy goal to aid nation’s decarbonisation efforts

The Chinese oil and gas major is pursuing onshore solar and wind farm projects with a goal to build at least 5,000MW by 2025, says chairman Wang Dongjin

CNOOC reports 221 per cent jump in first-half net profit to 33.33 billion yuan on the back of higher oil prices

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CNOOC has set a goal to slash emissions by over 1.5 million tonnes by 2025 through technological upgrades and reusing carbon dioxide in oil production. Photo: Reuters

Published: 8:30am, 20 Aug 2021Updated: 8:30am, 20 Aug 2021

After making a foray into offshore wind power, CNOOC now plans to develop onshore solar and wind farms as part of its diversification from oil and gas.

The Chinese offshore oil and gas giant was actively pursuing renewable energy projects with a goal to build up annual capacity of at least 5,000 megawatts by 2025, chairman Wang Dongjin said on Thursday.

“We have set up a team to study and formulate our plans to implement carbon reduction targets for 2030 and 2060,” Wang told reporters after CNOOC unveiled a 221 per cent year-on-year jump in first-half net profit to 33.33 billion yuan (US$5.1 billion). “We will announce them at a suitable time.”

The target is part of the state-backed company’s contribution towards the nation’s goals of reaching peak carbon dioxide emissions by 2030 and net zero emission by 2060. China was the world’s largest emitter of the gas accounting for 30.7 per cent of the total last year, according to international oil giant BP.

CNOOC chairman Wang Dongjin said the company has set up a team to implement carbon reduction targets. Photo: Nora Tam

The company’s first offshore wind power project 39km off the coast of Jiangsu province was connected to the grid last September. It has a total installed capacity of 300MW, enough to supply the annual needs of a quarter of a million mainland Chinese households, cutting emissions of 571,000 tonnes of carbon dioxide per year.