PetroChina plans to fast track its renewable development, aiming for new energy to account for a third of its production by 2035.
China’s largest oil company will aggressively boost renewable energy development in the race to reduce its carbon footprint while maximizing its expertise and resources in natural gas production over the next 15 years.
PetroChina chairman, Dai Houliang said, “We target to have oil, gas and renewable energy each account for one-third of our total energy production by 2035.”
In the first half of 2021, the oil giant produced 735 million barrels of oil while the amount produced by renewables was too modest to make a difference.
According to Dai, PetroChina advantages are its vast onshore acreages, which host tremendous geothermal, wind, and solar resources. Based on these resources, the company has rolled out its renewables strategy with the main focus on geothermal and solar.
As many as 15 PetroChina’s oilfields have the potential to hold geothermal resources equating to 1.08 trillion tones of coal equivalent, most of which are trapped in Northern China’s Huabei, Jidong, and Dagang oilfields.
In total, PetroChina’s current under construction projects involving geothermal, solar, and wind have total capacity of 350,000 tones of coal equivalent. In addition, the company has been granted a quota from the Chinese government to generate electricity from solar and wind.
Besides that, PetroChina has also started operating two hydrogen refilling station with six more under construction. The company aims to achieve net zero by 2050 and have stepped up efforts to work on research and development of carbon capture and storage.