China's Oil Old Guard Is Dabbling in Wind Power
(Bloomberg) -- Chinas offshore oil and gas experts are dipping their toes in wind power, bringing their experience working on the ocean floor and adding a new twist to their portfolios.
Cnooc Ltd., the countrys top offshore oil explorer, said it wants to use its expertise in marine geology to replicate its success in the offshore wind sector. The company entered its first offshore wind project in Jiangsu province this month. China Oilfield Services Ltd. echoed that view, saying its experience operating in deep waters offers a competitive advantage as the company looks for more contracts in offshore wind services.
When we see opportunities in building offshore wind farms, we know immediately it would be an easy task for us, Qi Meisheng, chairman of China Oilfield, told reporters on Thursday. We know offshore geology, we know how to drill and we know how to make the process go as smoothly as it can be.
China is turning to renewable power to aid its fight against the pollution that blights the worlds most populous nation. Wind is the countrys third-largest source of energy behind coal and hydro.
Consultancy Wood Mackenzie Ltd. predicts an almost 10-fold surge in Chinas offshore wind capacity to 33 gigawatts by 2027. Government targets will drive development, but the lack of technical expertise will present a h....