On January 15, CNOOC launches a carbon neutrality project to advance the company's transformation to green and low-carbon development.

CNOOC Chairman Wang Dongjin expressed that the company will optimize decarbonization design from the top level and actively build a green and low-carbon development system to contribute to the national goal to be carbon-neutral by 2060.

To make good on the ambition, CNOOC will reshape the portfolio during the 14th Five-year plan, increasing the clean and low-carbon energy in its energy mix to at least 60 percent. The target will be met through improving the natural gas supply and accelerating the development of new energy businesses.

CNOOC will also be committed to greening its production process with more "green oilfields" and "green factories". For example, the onshore power projects for Qinhuangdao and Caofeidian oilfields in the Bohai Bay help save 64,7000 tons of standard coal annually, equivalent to reducing carbon dioxide emissions by 170,000 tons. The onshore power transition for more oilfields is under planning.

Meanwhile, the company is actively involved in the carbon credit trading market and has experimented with the carbon neutral LNG trading. In 2020, CNOOC realized the net zero carbon emission of a single cargo in the entire industrial chain through purchasing carbon sinks, which was a first in China’s natural gas industry. Recently, the company purchased five cargoes of carbon neutral LNG from Shell and Total, with carbon credits of approximately 1.12 million tons of carbon dioxide equivalent.