PROJECT | Staff Reporter, China

CNOOC returns to offshore wind market with Jiangsu province project

The oil giant used to operate a plant in 2006 but closed it after removing its renewables unit.

China National Offshore Oil Corp will return to the country’s offshore wind power market after nearly five years as it will participate in a project in East China’s Jiangsu province.

The company did not provide details of the exact location or size of the project.

CNOOC CEO Yuan Guangyu said the offshore wind sector is in line with its overall business which is focused on offshore resources, according to national newspaper China Daily.

CNOOC used to operate an offshore wind plant located in Liodong Bay in the Bohai Sea in 2006, but work stopped in 2014 after the oil giant’s renewables unit closed down.

“The announcement is consistent with China's broader strategy of reducing carbon emissions and investing into new technologies. This could be the first foray for CNOOC Ltd to become a more integrated energy company, although we expect any such moves to be limited in the near term,” commented Wood Mackenzie senior analyst Maxim Petrov in a March 2019 note.

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