State-owned China National Offshore Oil Corporation (CNOOC) on Thursday said it would increase the share of natural gas to account for 50% of its total production by 2035. Currently, gas makes up 21% of CNOOC’s overall output. The move is part of its efforts to support the government’s target to achieve carbon neutrality by 2060. CFO Xie Weizhi said that CNOOC would accelerate domestic and overseas natural gas exploration while expanding its offshore wind power business.
Recently, CNOOC reported a 26.8% year-on-year (YoY) decline in its third-quarter revenue at CNY35.55 billion ($5.32 billion). The decline was mostly attributed to weak oil prices, which offset the benefit of higher production. Total net output increased by 5.1% YoY To 131.2 million boepd, thanks to a 10.4% increase in domestic production. Conversely, overseas output declined 4.6% YoY on scaledowns in projects like Canada’s Long Lake oil sands and deepwater Egina in Nigeria.
