Renewables, Wind

China’s CNOOC seeking international partners on offshore wind power

23 April 2007 – China National Offshore Oil Corporation (CNOOC) is looking for international partners to cooperate on offshore wind power generation projects as it looks to broaden its core business base.

Speaking at the Boao Forum for Asia, CNOOC’s president Fu Chengyu predicted that offshore wind farms would become a prominent energy source for China over the next 10 to 20 years.

“We would like to work with countries from around the world on developing this,” Fu said at the annual regional province in south China’s Hainan province.

He said that wind farms would be a valuable source of energy, while other alternative energy sources would also be studied as CNOOC looks to diversify from its core oil and gas business.

“We are following a diversification strategy. Right now, we have one core business, but in the future we hope to have three to five core businesses and that will include a focus on renewable energy,” Fu said. “We need to invest more in the research of new, renewable energy sources. Investment today will pay off at some point in the future,” he added.