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    Home > Chemicals Industry > Petrochemical News > CNOOC: Hand in outstanding transcripts in difficult challenges

    CNOOC: Hand in outstanding transcripts in difficult challenges

    • Last Update: 2021-10-12
    • Source: Internet
    • Author: User
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       Reporter: Huang Xiaofang


    In the picture on the left, CNOOC's first offshore wind power project is connected to the grid for power generation.

    CNOOC 982 drilling platform in the right picture.
    (Photo courtesy of CNOOC)

    The past year was undoubtedly a difficult year for traditional oil companies.
    This year, the new crown pneumonia epidemic caused many countries' economies to shut down, people did not go out without oil, and the price of international crude oil futures even fell to a negative value that has never been seen in history.

    China National Offshore Oil Corporation (hereinafter referred to as "CNOOC") still handed over an outstanding report card despite difficult challenges.
    The total domestic oil and gas production reached a record high, breaking through 65 million tons of oil and gas equivalent, and domestic crude oil production for two consecutive years.
    The increment ranks first among the "three major oil" companies.
    How did CNOOC do it? In the words of Chairman Wang Dongjin of China National Offshore Oil Corporation, the mystery lies in the reform.

    Fully guarantee energy security

    At the beginning of last year, demand for crude oil plummeted, and international oil prices fell precipitously.
    Under the impact of low oil prices, many oil companies around the world choose to reduce input and production.
    However, as my country’s largest offshore oil and gas producer, CNOOC’s choice is to increase exploration and development efforts, and its greater focus is to ensure national energy security.

    The petrochemical industry is a basic industry related to the national economy and people's livelihood.
    Under the current external situation, my country's overseas oil and gas supply faces more prominent risks.
    The safe and stable supply of oil and gas resources has become the focus of national energy security.
    As a result, CNOOC has stepped up development efforts in various offshore oil and gas fields.
    Last year, my country’s largest offshore oil and gas production base, the Bohai Oilfield, achieved a stable production target of 30 million tons; the eastern South China Sea oilfield set a record for the highest oil and gas output in history, exceeding the planned output at the beginning of the year by more than 1 million tons, ranking the second largest offshore oil and gas field in China; the western part of the South China Sea The oil and gas output of the oilfield exceeded the plan by 740,000 tons, a record high.

    In addition, CNOOC also discovered a number of large and medium-sized oil and gas fields in offshore exploration last year.
    In the overseas Guyana block, three hundred million-ton oil fields were discovered.
    my country's first large-scale gas field of 100 billion cubic meters in Bohai Bay-Bozhong 19-6 experimental area, my country's first large-scale heavy oil thermal recovery development platform on the sea-Luda 21-2 platform, and Liuhua 16-2 oilfield group in China, etc.
    All the new projects went into production smoothly, which is really rare in the complex and changeable external situation last year.

    In January this year, CNOOC announced that the proven geological reserves of the Huizhou 26-6 oil and gas field were 50 million cubic meters of oil and gas equivalent, marking another major oil and gas discovery in the Pearl River Mouth Basin in my country.
    This oil and gas field is the largest oil and gas field discovered by my country's self-operated exploration in the Pearl River Mouth Basin.

    On February 22, CNOOC announced that my country’s Bohai Sea has made another 100 million-ton oil and gas discovery.
    The Bozhong 13-2 oil and gas field in the central Bohai Sea has proven geological reserves of 100 million tons of oil and gas equivalent.
    The discovery well encountered an oil layer about 346 meters thick and was completed at a depth of 5223 meters.
    Zhou Xinhuai, general manager of CNOOC Exploration Department, said that the discovery of the oil and gas field has achieved a major breakthrough in the exploration of "covered" buried hills in the Bohai Sea.
    The main area discovered belongs to the Archean buried hill structure and is covered by the dense Mesozoic strata.
    It is like wearing a hat on the head, making exploration difficult.
    "This breakthrough has important promotional value for the future exploration of the same type of buried hill in the Bohai Sea and offshore China.

    Practicing a green and low-carbon strategy

    On February 4, CNOOC Limited held a press conference on its 2021 strategic outlook and announced that the company's second offshore wind power project has been granted the right to develop.
    The project is located in Shantou, Guangdong, with a total installed capacity of 1 million kilowatts.
    This is the second wind power project since CNOOC restarted offshore wind power.
    On September 15, 2020, CNOOC's first offshore wind power project, Jiangsu Zhugensha Project, was connected to the grid for power generation, with a planned installed capacity of 300 MW.

    Why restart offshore wind power projects?
    Because green and low-carbon development has become an unstoppable global trend.
    Wang Dongjin said that according to calculations, if my country is to achieve the goal of carbon neutrality by 2060, the proportion of renewable energy on the energy supply side must not be less than 80%, and the electrification rate on the energy demand side must not be less than 80%.
    Natural gas will become renewable.
    An important "transitional energy" for energy.

    At the same time, technological progress is pushing the cost of the new energy industry to drop significantly and the scale of the industry to jump rapidly.
    In the past 10 years, renewable electricity such as photovoltaics and wind power have gradually become the mainstream of new power generation globally, and the cost of power generation has dropped significantly, and it is accelerating to a new stage of parity on the grid.
    From the perspective of the capital market, many financial institutions around the world have announced the reduction or termination of investment in fossil energy projects.
    Traditional energy companies are facing increasing pressure from the capital market and investors, but the scale of financing in the clean energy sector has shown a significant growth trend.

    Among all types of clean energy, wind power and CNOOC have the highest degree of compatibility.
    CNOOC focuses on offshore operations and has a lot of room for development in the field of offshore wind power.
    On January 22, CNOOC Development Clean Energy Company was inaugurated and established in Tianjin.
    The company is committed to clean energy development and construction, focusing on cultivating a new energy industry with offshore wind power as its core, and will vigorously promote offshore wind power, and explore the development and utilization of distributed energy, geothermal energy, hydrogen energy and other clean energy.

    Wang Dongjin said that in the future, the level of electrification of end-use energy will be greatly improved, and renewable energy will surely become the absolute main body of energy utilization.
    But at the same time, we must also realize that the transition to low-carbon energy is a gradual process.
    The status of oil and gas in the fields of chemical raw materials and heavy transportation is still difficult to be replaced.
    In the future, my country’s chemical raw material oil demand will increase from the current 10% to 30%.
    More than %, CNOOC will provide a more comprehensive and systematic low-carbon transformation strategy from exploring the clean use of fossil energy and improving energy efficiency.

    Carry out global resource layout

    On January 8, CNOOC International Trading Company was established.
    The establishment of this company is a pawn for CNOOC to coordinate international and domestic resources.
    Wang Dongjin said that the establishment of an international trading company will help speed up the acquisition of high-quality overseas resources.
    It is also a manifestation of the implementation of the Party Central Committee and the State Council’s decision and deployment of deepening the reform of state-owned enterprises.
    It can effectively solve the group’s upstream and trade sectors belonging to different entities, oil and gas sales and trade.
    The issue of power dispersion is conducive to giving full play to the company's industrial chain upstream and downstream integration and synergy, sales, trade, storage, transportation and financing integrated operation advantages, promote the concentration of group assets to listed companies, and enhance CNOOC's influence and voice in the international oil and gas industry.

    It is understood that the international trade volume of many international oil companies is greater than the oil and gas production.
    For example, Shell's trading sector adopts a professional operation method and a global network layout.
    At present, the number of global outlets has exceeded 20, and the trade volume has exceeded 550 million tons.

    Wang Dongjin said that having a strong sales and trade sector is an inevitable requirement for building a world-class energy company.
    State-owned enterprises must be stronger and better as well as bigger.
    They must expand their resource pools, expand their customer base, and improve their management and operation levels.
    , To promote the expansion of enterprise scale, optimize resource allocation, and enhance market influence.
    "CNOOC's future goal is to shoulder the new mission of promoting the high-quality development of the offshore oil industry and strive to build a world-class energy company with Chinese characteristics.
    " Wang Dongjin said with confidence.

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