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CNOOC Opens First Offshore Wind Power Farm With 300MW Capacity

Zacks Equity Research
·2-min read

CNOOC Limited CEO announced that its first offshore wind power project has been connected to the grid and it initiated power generation.

This Chinese energy player holds 47% interest of this jointly developed offshore wind power project located in the sea area close to Jiangsu Province. The project with total installed capacity of 300 megawatts is prepared to be equipped with 67 wind turbines.

With its yearly on-grid power generation anticipated to touch nearly 860 million kilowatt-hours, the endeavor is set to completely transform into on-grid production mode by this year-end.

Notably, the wind power project intends to save 279,000 tons of standard coal equivalent and lower carbon footprint by 571,000 tons annually compared to a conventional coal-fired thermal power plant with equivalent generating capacity.

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CNOOC’s first offshore wind power project connected to the grid signifies its effort in boosting energy transformation and executing its green and low-carbon strategy. Furthermore, the project aims to carry out a clean energy supply for the green development of the Yangtze River Delta Region. Similar to the European oil biggies TOTAL and BP plc BP, this Chinese energy major is on a mission to increasingly invest in renewable projects.

Company Profile

CNOOC Ltd. is one of the three oil companies in China — the other two being Sinopec SNP and PetroChina PTR — and one of the largest independent oil and gas exploration and production players of the world. It engages primarily in the exploration, development and production of crude oil and natural gas offshore China. CNOOC is the only entity permitted to conduct exploration and production activities with international oil and gas companies offshore China.

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