China’s carbon neutral goal: PetroChina maps out low-carbon projects pipeline, spending plan to help fight climate change
- PetroChina says investments on low-carbon energy projects are likely to reach one-third of overall spending by 2035, as it helps the country fight climate change
- China’s largest oil and gas producer posts profit of 53 billion yuan (US$8.17 billion) in the first half, beats analysts’ estimates of 52 billion yuan
The announcement came as China’s largest oil and gas producer on Thursday posted a remarkable turnaround in first-half earnings. The company reported net profit of 53 billion yuan (US$8.17 billion) for the six months ended June, compared to a loss of 30 billion yuan a year earlier. It also beat analysts’ estimates of 52 billion yuan.
The earnings were propelled by a 50.3 per cent rise in average oil selling price, and partly offset by a 9.9 per cent rise in average operating cost to produce a barrel of oil.
“The general idea is for oil, gas and new energy to each take up one-third of our capital expenditure by 2035,” chairman Dai Houliang said on Thursday.
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China's largest offshore wind farm ready to start operations
The investment could see the company’s external supply of zero carbon energy exceed the fossil fuel its own facilities consume by 2035, he added.
