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China CNOOC to raise gas share to half of output by 2035

[SINGAPORE] China's national offshore oil and gas producer CNOOC said on Thursday it aims to raise the share of natural gas to make up half of its total output by 2035 to contribute to a national carbon neutral target by 2060.

CNOOC will accelerate natural gas exploration and production both in China and overseas, and also expand its offshore wind power business as two key paths to cut greenhouse gas emissions, Xie Weizhi, chief financial officer told reporters.

Currently gas accounts for 21 per cent of its production portfolio, Mr Xie said.

CNOOC said its third-quarter revenue fell 26.8 per cent on year to US$5.32 billion as weak oil prices overrode the benefit of increased production.

Realised oil prices fell 29 per cent to US$43.03 per barrel, while gas prices gained 2 per cent to US$5.85 per thousand cubic feet, as China's regulated gas prices are cushioned from the impact of weak global oil prices.

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Total net production rose 5.1 per cent on year at 131.2 million barrels of oil equivalent, bolstered by a robust 10.4 per cent growth in production at home as the state major prioritised spending in domestic activities under a state call to boost supply security.

Overseas output, however, fell 4.6 per cent on scalebacks in projects like Nigeria's deepwater Egina and Longlake oil sands in Canada.


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