CNOOC plans more green investments as first half profit more than tripled, Energy News, ET EnergyWorld

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BEIJING / SINGAPORE: China’s largest offshore oil and gas driller, CNOOC Ltd, has said it will spend up to 10% of its annual spending on green energy by 2025, and announced that its Intermediate net profit had more than tripled from a year ago as oil prices rebounded.

This doubles a previous target of 5% spending on green projects as the company seeks to reduce its carbon footprint alongside a strategy that focuses on increasing the share of natural gas in its production portfolio.

CNOOC announced Thursday that it plans to expand into onshore wind and solar power from an earlier focus on offshore wind, with the goal of building at least 5 gigawatts of combined solar and wind capacity. by 2025.

He said US sanctions imposed on the company in early 2021 had not had a substantial impact on its business and urged Washington to lift the “unreasonable” measures.

CNOOC’s first half net profit reached 33.33 billion yuan ($ 5.13 billion), up 221% from a year ago and to 25.48 billion yuan in 2019. It this is the highest profit since the first half of 2014.

Sales for the first half of 2021 jumped 48% from the previous year to 110.23 billion yuan.

Benchmark WTI prices, which fell below zero at some point in April last year, hovered around $ 70 a barrel in the second quarter of 2021 as the global economy recovered from the fallout. the pandemic.

CNOOC, one of the cheapest explorers and producers in the business, said its all-inclusive cost of production was $ 28.98 per barrel, down from $ 26.34 in 2020, due to “higher prices for raw materials and other factors “.

Oil and gas production hit a record 278.1 million barrels of oil equivalent (boe), up 7.9% year-on-year, boosted by several new projects in Bohai Bay and the China Sea southern, such as the Lingshui 17-2 ultra-deep gas project.

Capital expenditure for the first half of the year was 36 billion yuan compared to 90 to 100 billion yuan forecast for the whole year, the highest annual budget since 2014.

($ 1 = 6.4954 yuan Chinese renminbi)


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