CNOOC plans new wind farm
China National Offshore Oil Corp, a leading domestic oil and gas producer, will expand its presence in the offshore wind sector this year to develop its clean energy portfolio, following its involvement in a related project in East China's Jiangsu province in January.
The offshore wind sector aligns with the company's overall business, given its resources in offshore engineering and experience in offshore operations, which it can directly apply in the sector, said Yuan Guangyu, CEO of CNOOC Ltd, the company's upstream listed arm.
CNOOC has vowed to steadily increase its reserves and production of oil and gas this year, aiming to produce 480 million to 490 million barrels of oil equivalent in 2019.
It is forecast to report its 2018 production of approximately 475 million barrels of oil equivalent.
The company first entered the offshore wind business in 2006. In 2007, CNOOC began operating the Chinese mainland's first offshore wind power plant, located in Liaodong Bay in the Bohai Sea, with an installed capacity of 1.5 megawatts.
However, the company closed its renewable energy unit in 2014, which had operated wind, solar and biomass projects. CNOOC's current Jiangsu project is the first offshore wind project it has worked on since then.
Analysts said the company's transition back into the field aligns with the government's recent efforts to promote renewable energy, as the country is taking bold steps to replace fossil fuels with clean energy sources, especially wind and solar power....