Factbox: China's national oil companies outline early green energy plans
By Chen Aizhu and Muyu Xu. SINGAPORE/ BEIJING- China’s top state oil and gas producers- PetroChina, Sinopec Corp and CNOOC Ltd are working on the following green initiatives, according to company executives at earnings briefings and email replies to Reuters. Last month, PetroChina set up a hydrogen joint venture with Shanghai’s Shenergy Group in which it holds a…
By Chen Aizhu and Muyu Xu
SINGAPORE/BEIJING (Reuters) – China’s top state oil and gas producers – PetroChina, Sinopec Corp and CNOOC Ltd are working on the following green initiatives, according to company executives at earnings briefings and email replies to Reuters. [nL4N2FU15U]
Asia’s largest oil and gas producer, Petrochina said last week it aims for near-zero greenhouse gas emissions by 2050, the first Asian national oil company to set that target.
It plans to spend up to $1.5 billion annually by 2025 – a more than five-fold increase from current levels, and roughly 4% of its 2020 total spend – on a mix of gas power generation, geothermal, wind, solar and hydrogen projects. It did not provide a breakdown.
The company carried out pilot projects on geothermal and biofuels in northern China, and aims to continue investing in those sectors.
In July, PetroChina’s parent group CNPC revealed its target to slash methane emission intensity by 50% by 2025. [nL4N2E9138]
Last month, PetroChina set up a hydrogen joint venture with Shanghai’s Shenergy Group in which it holds a 40% stake.
The world’s largest oil refiner is the most ambitious on hydrogen among domestic rivals, owning annual output capacity of 3 million tonnes, or 14% of the national total, at its refineries. It wants to become the industry leader.
Sinopec plans to build several “hydrogen highway corridors” along China’s east coast by adding hydrogen refueling stations alongside its 30,000-strong petrol stations.
It has created a 6-person new energy office under the group’s planning department and established a R&D centre of 48 staff.
Last month, Sinopec announced its first capital investment in solar, by investing in photovoltaic glass maker Fengyang Sillicon Valley Intelligence Co.
China’s leading shale gas developer, Sinopec also aims to nearly double its output of the unconventional fuel to 13 billion cubic metres by 2025. [nL4N2FX1LO]
The offshore oil and gas specialist revived activities in offshore wind power in 2019 after closing its renewable unit in 2014, planning to spend 3% to 5% of its annual budget on the sector.
Its first 300-megawatt wind power plant off Jiangsu province is due online at the end of 2020 and it has planned other projects off Guangdong and Shandong provinces.
The company also plans to more than double its natural gas production by 2025 to make up 30% of its total oil and gas output from the current 19%. [nL4N2FL2IG]
(Reporting by Chen Aizhu in Singapore and Muyu Xu in Beijing; editing by Florence Tan and Philippa Fletcher)
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