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CNOOC to increase new energy investment

Author : PCEC

01 September 2021

At CNOOC's financial results conference for the first half of 2021, Chairman Wang Dongjin announced the latest development plan for new energy investment. CNOOC expects that during the entire ‘14th Five-Year Plan’ period (2021-2025), investment in the field of renewable energy will reach 5%-10% of total investment. CNOOC's goal is to generate at least 50% of its profits from new energy investments by 2050.

Image: CNOOC
Image: CNOOC

Previously, CNOOC set a goal of investing 5% in new energy projects every year by 2025. The latest news at the press conference shows that this will increase to 10% in the latter period of the ‘14th Five-Year Plan’ period. CNOOC's overall capital expenditure in 2021 is expected to be RMB 90-100 billion (£10-11.2 billion).

At present, CNOOC has completed the "carbon peak and carbon neutral" implementation plan and improved its ‘14th Five-Year’ development plan to further clarify its green and low-carbon transition path. In the first half of this year, CNOOC established the New Energy Department and the Carbon Neutrality Institute, actively promoted the first domestic offshore carbon dioxide storage demonstration project, and issued the country's first CCER (National Certified Carbon Emission Reduction) carbon neutral service trust.

CNOOC has also established a new energy business department to promote the large-scale development of offshore wind power projects. In addition, CNOOC will develop onshore wind power and photovoltaic projects. Throughout the "14th Five-Year Plan" period, the company's development target for onshore photovoltaic and onshore wind power is no less than 5 million kilowatts.

CNOOC Chairman Wang Dongjin said: “The new energy business is a new field for CNOOC and it is still in its infancy. During the '14th Five-Year Plan' period, the investment in new energy business will account for 5%-10% of total capital expenditure each year. According to the annual investment of 100 billion, it is 5-10 billion. Of course, the early stage is mainly to obtain wind farms and photovoltaic resources, and the investment proportion will be smaller, and the proportion will increase accordingly in the later stage."

On August 13, China Three Gorges Group and China National Offshore Oil Corporation conducted in-depth exchanges and signed strategies on fully implementing the new energy security strategy, promoting the realisation of the "carbon peak and carbon neutral" goal, and deepening cooperation in new energy industry.

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