China National Offshore Oil Co., Ltd. Overcomes New Energy in Thirty-five Years

With the traditional oil and gas production growth encountering bottlenecks, CNOOC has begun to make further efforts in the new energy industry. In the first week after the holiday, CNOOC New Energy immediately convened its 2012 work meeting to arrange for the deployment of key tasks this year. At the same time, many sources revealed that several new energy projects under CNOOC’s new energy projects have been in full swing since the Spring Festival.

Spanish solar equipment manufacturer Isofoton stated to the media on Friday that the company has signed an agreement with a subsidiary of China National Offshore Oil Corporation to establish a solar energy project joint venture company headquartered in Tianjin. The initial investment of the joint venture company is estimated at 300 million yuan. The dollar is used to develop a 150 MW solar project.

According to the person in charge of Isofoton, the main shareholder of the joint venture company will be Tianjin Lishen Battery Co., Ltd. (hereinafter referred to as “Tianjin Lishen”) of CNOOC, which holds 51% of shares and Isofoton holds 49%; CNOOC provides 3 With US$100 million in initial funding, Isofoton provided technical support.

For information disclosed by Isofoton, the head of the investor relations department of CNOOC Limited told reporters yesterday that the project is not a project of CNOOC Ltd. It should be a project invested by the parent company CNOOC Group Corporation; and CNOOC Corporation is There is no response at this time.

According to public information, Tianjin Lishen’s major shareholder is CNOOC New Energy Investment Co., Ltd., while CNOOC New Energy Company is a wholly-owned subsidiary of CNOOC; as of the end of 2010, CNOOC New Energy’s total assets exceeded RMB 7 billion. Yuan has already been involved in the development and utilization of renewable energy and clean energy such as wind energy, biomass energy, and power batteries.

In addition to the joint venture solar project with Isofoton, CNOOC also announced that it will invest 5 billion yuan to build its largest land-based natural gas field in Shuangcheng, Heilongjiang. According to Heilongjiang local media reports, the project is the processing of waste crop straws and livestock manure into industrial biogas, which is expected to produce 900 million cubic meters of biogas annually.

In an interview with media in mid-January this year, Shuangcheng City Party Committee Lu Zhimin of Heilongjiang stated that CNOOC and Shuangcheng have reached preliminary intentions and have passed the stage of demonstration. CNOOC Shuangcheng Branch has submitted the plan to CNOOC Group Corporation and is expected to Approved in mid-February this year, the project base is expected to be completed within two years.

"CNOOC's new energy sources are more considered in terms of strategic layout. Most of its new energy projects are at a loss, and it is still too early for profits." Insiders close to CNOOC told reporters that CNOOC is offshore oil and gas. Development started, but it has long been an international integrated energy company for the development of strategic goals. In order to develop more energy industries, CNOOC Ltd. must make frequent attempts in the new energy industry even if it suffers short-term losses.

The above-mentioned CNOOC personage said that the target of “turning deficit into profit” in the CNOOC new energy sector will be difficult to achieve in the short term, and it may be possible to achieve overall profitability after 3-5 years.