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SINGAPORE/BEIJING (Reuters) - A rapid rise in offshore drilling and deepwater gas extraction may seem an unlikely path to lower emissions, but are central planks of Chinese energy major CNOOC Ltd’s plan to help hit Beijing’s climate goals.
FILE PHOTO: A Chinese national flag flutters between flags of China National Offshore Oil Corp (CNOOC) at its headquarters in Beijing, China on March 8, 2021. REUTERS/Tingshu Wang
While global peers like BP, Royal Dutch Shell have announced cuts in hydrocarbon output and huge renewable energy investments to cut emissions, China’s third-largest oil and gas producer plans an ambitious gas-heavy overhaul of its production mix by 2035 as its way of helping meet carbon-cutting goals.
Analysis: CNOOC needs to double down on drilling and deals in carbon-cutting gas pivot
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Analysis: CNOOC needs to double down on drilling and deals in carbon-cutting gas pivot
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