CNOOC establishes a new energy company
19 April 2022
CNOOC has announced the official establishment of CNOOC (China) Co., Ltd. Beijing New Energy Branch. CNOOC Chairman Wang Dongjin announced the formation of the new company during an unveiling ceremony held in Changping Future Science City, Beijing.
CNOOC WTG – Image: CNOOC
"The main business of CNOOC New Energy Branch is the development of offshore and onshore wind and photovoltaic power generation, CCUS and hydrogen energy," Wang Dongjin said in a speech. He added that the new energy branch would further highlight the advantages of the ocean, accelerate the development of offshore wind power, and develop onshore wind and solar power projects.
In addition, CNOOC will also develop a hydrogen energy business, strengthen CCUS technology research and development, and explore the development of a multi-energy complementary comprehensive energy supply system. The establishment of Beijing New Energy Branch will help CNOOC strive to achieve the goal of reaching 10% of the revenue from new energy and new industries at the end of the "14th Five-Year Plan" period.
The new branch company and the development of new energy business are a result of CNOOC actively adapting to the changes in the global energy system.
At CNOOC's first half of 2021 financial results conference, Wang Dongjin announced the latest new energy investment and development plan: "During the entire '14th Five-Year Plan' period, CNOOC's investment in the field of renewable energy has reached 5%-10% of the total investment. By 2050, CNOOC aims to generate at least 50% of its profits from new energy sources."
Previously, CNOOC set an annual target of 5% investment in new energy projects by 2025, and this proportion will increase to 10% in the later period of the "14th Five-Year Plan".
In January 2022, CNOOC disclosed in its 2022 business strategy and development plan that by 2025, the goal is to obtain offshore wind power resources of 5 to 10 million kilowatts, with an installed capacity of 1.5 million kilowatts.
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