Teun van den Dries / Shutterstock
By Bloomberg News (Bloomberg) — China’s offshore oil and gas experts are dipping their toes in wind power, bringing their experience working on the ocean floor and adding a new twist to their portfolios.
Cnooc Ltd., the country’s top offshore oil explorer, said it wants to use its expertise in marine geology to replicate its success in the offshore wind sector. The company entered its first offshore wind project in Jiangsu province this month. China Oilfield Services Ltd. echoed that view, saying its experience operating in deep waters offers a competitive advantage as the company looks for more contracts in offshore wind services.
“When we see opportunities in building offshore wind farms, we know immediately it would be an easy task for us,” Qi Meisheng, chairman of China Oilfield, told reporters on Thursday. “We know offshore geology, we know how to drill and we know how to make the process go as smoothly as it can be.”
China is turning to renewable power to aid its fight against the pollution that blights the world’s most populous nation. Wind is the country’s third-largest source of energy behind coal and hydro.
Consultancy Wood Mackenzie Ltd. predicts an almost 10-fold surge in China’s offshore wind capacity to 33 gigawatts by 2027. Government targets will drive development, but the lack of technical expertise will present a hurdle, said Robert Liew, a senior analyst at Woodmac.
Ordinary developers will face difficulties operating in water depths of more than 50 meters, China Oilfield’s Qi said, adding the company had already worked on small-scale offshore wind projects last year.
“The offshore wind sector is most compatible with our operations among the various types of clean energy,” Cnooc Chief Executive Officer Yuan Guangyu told reporters on Wednesday. “We have a lot of experience, ability and infrastructure that can be applied to offshore wind development.”
© 2019 Bloomberg L.P
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 105,971 members that receive our newsletter.
Have a news tip? Let us know.
The Department of the Interior has announced a new rule aiming to ensure that costs related to the decommissioning of offshore platforms are covered by the oil and gas industry,...
(Bloomberg) — For a company that made its name with frontier oil discoveries from Iran to Alaska, BP Plc is notably absent from today’s hottest new oil plays. The company’s...
Virginia-based energy company Dominion Energy has announced the launch of the first U.S.-built and Jones Act-compliant offshore wind turbine installation vessel, the Charybdis. A 472-foot vessel is being built at the...
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign Up
Maritime and offshore news trusted by our 105,971 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
