CNOOC launches comprehensive green and low-carbon transformation

        China National Offshore Oil Corporation (hereinafter referred to as CNOOC) officially released the "Dual Carbon" Action Plan. On June 29, CNOOC released the "Carbon Peak and Carbon Neutrality" Action Plan (hereinafter referred to as the "Dual Carbon" Action Plan), saying that it will strive to achieve carbon peak in 2028 and carbon neutrality in 2050, and the proportion of non-fossil energy production will exceed that of traditional oil and gas production. This marks that CNOOC has fully started the green and low-carbon transformation.

        According to the "Dual Carbon" Action Plan, CNOOC will implement a "three-step" strategy.

        The first step is the clean replacement stage

        The time is 2021-2030, and the overall characteristics are carbon emissions peaking, carbon intensity declining, major progress in industrial structure adjustment, and breakthroughs in negative carbon technology.

        The second step is the low-carbon leapfrog stage

        The time is 2031-2040, and the overall characteristics are the transformation of the oil and gas industry, the rapid development of new energy, the orderly decline of total carbon emissions, and the commercial application of negative carbon technology.

        The third step is the green development stage

        The time is 2041-2050. The overall characteristics are to promote the continuous decline of total carbon emissions and achieve net zero emissions, and basically build a diversified low-carbon energy supply system, a smart and efficient energy service system, and a large-scale carbon storage and carbon recycling system.

        CNOOC plans to promote six major actions, namely, stabilizing oil and increasing gas, comprehensively improving energy efficiency, clean energy substitution, industrial transformation and upgrading, green development leapfrogging, and leading scientific and technological innovation. In addition, 23 key projects will be deployed to ensure national oil and gas security and accelerate the development of the domestic natural gas industry.

        In 2021, CNOOC produced 33.8 billion cubic meters of natural gas, imported 34.08 million tons of LNG, supplied 68.6 billion cubic meters of natural gas, and generated 22.1 billion kilowatt-hours of natural gas power. During the same period, CNOOC implemented 105 energy-saving and emission-reduction transformation projects with a total investment of 450 million yuan, saving 274,000 tons of standard coal and reducing carbon dioxide emissions by 880,000 tons.

        On June 5, China National Petroleum Corporation issued the "China Petroleum Green and Low-carbon Development Action Plan 3.0", which divided the green and low-carbon development action into three stages.

        1.2021-2025 is the clean replacement stage, and it is planned that the proportion of new energy production capacity will reach 7% in 2025;

        2.2026-2035 is the strategic succession stage, and it is planned to achieve a three-way division of new energy and new business and oil and gas business in 2035;

        3.2036-2050 is the green transformation period, and it is planned that thermal power hydrogen energy will account for about 50% in 2050.

        During the 14th Five-Year Plan period, CNOOC will strive to reduce its carbon emission intensity by 10%-18%, and the investment in strategic emerging industries such as new energy will account for 5%-10% of total capital expenditures; the goal is to build a world-class clean and low-carbon integrated energy product and service provider by 2050.

        CNOOC has established a new energy department to coordinate the development of zero-carbon and negative carbon industries and green electricity transactions; and set up a limited new energy branch to be responsible for the specific development and implementation of zero-carbon and negative carbon energy projects. At present, CNOOC's low-carbon business includes offshore natural gas, unconventional gas on land, overseas LNG resources and domestic new energy.