China National Offshore Oil Corporation (CNOOC) has announced plans to increase offshore wind capacity by 40% this year, bringing total installed capacity to 3.5 GW.
CNOOC chairman Zhang Chuanjiang announced the target, formed in partnership with turbine maker Ming Yang Smart Energy, will deploy advanced turbine models across China’s southern provinces.
The expansion is occurring alongside falling costs that have made near-shore wind competitive with coal plants, spurring investment from state giants.
CNOOC is China’s third-largest oil and gas producer. However, it is starting to pivot towards renewables as domestic oil demand flattens and low prices squeeze profits.
The country’s offshore wind capacity has surged to 47GW, according to China’s National Energy Administration data, helping cap coal growth in the world’s top polluter. Beijing has also committed to doubling combined wind and solar capacity by 2035.
While solar has historically dominated renewables, accelerating offshore wind installations are offsetting its nighttime gaps, bolstering round-the-clock clean power.
CNOOC’s new target signals that state oil majors are aggressively pursuing Beijing’s green targets, leveraging the maturing economics of wind against oil’s uncertain outlook in the country’s energy transition.
