PetroChina aims for renewable energies to represent one third of energy production

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PetroChina intends to accelerate the development of renewable energies, aiming for new energies to represent a third of its production by 2035.

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President Dai Houliang told investors that in the race to reduce its carbon footprint, China’s largest oil company will aggressively boost the development of renewable energy while maximizing its expertise and resources in exploration and production. of natural gas over the next 15 years.

“We aim for oil, gas and renewables to each account for one third of our total energy production by 2035,” he said.

In the first half of this year, the company produced 735 million barrels of oil equivalent, up 3.5%, including 443.1 million barrels of oil, compared to 475 million barrels in the same period of the year. last, and 2.16 trillion cubic feet of gas, up 6.7%.

The amount produced by renewables was too small to make a difference.

Dai said one of the advantages of his business is its vast land areas, which are home to huge geothermal, wind and solar resources.

On the basis of these resources, it has deployed its renewable energy strategy with an emphasis on geothermal and solar energy.

A survey of the 15 PetroChina oil fields shows that they hold geothermal resources equivalent to 1.08 trillion tonnes of coal equivalent, of which 1.6 billion tonnes are recoverable, most of which are trapped in the oil fields of Huabei, Dagang and Jidong, in northern China.

Company chairman Huang Yongzhang said the geothermal, wind and solar construction projects have a total capacity of 350,000 tonnes of coal equivalent.

He added that PetroChina plans to add a renewable power generation capacity of 3.45 million tonnes of coal equivalent in 2021 and has increased the heating space covered by geothermal energy by 10 million square meters in the first. semester.

The government gave it a quota to generate electricity from wind and solar energy.

In addition, the company has started operating two hydrogen refueling stations, and six more are under construction.

Dai said earlier this year that PetroChina will strive to achieve net zero by 2050. As part of its efforts, it will establish an institute to work on research and development of capture and storage carbon.


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