China's CNOOC Grapples With CCS Challenges

摘要

China National Offshore Oil Co. (CNOOC) reported record output of 332 million barrels of oil equivalent (1.8 million boe/d) for thefi rst half of 2023, an increase of 8.9% over the fi rst half of 2022, which helped offset the impact of lower oil prices. But the company’s ambitious energy transition strategy is proving diffi cult to execute. Management told a conference call on Fridaythat returns on carbon capture and storage (CCS) must become more competitive to draw investment. "We are not going to waste a lotof money on technologies that are not yet mature," said CEO and President Zhou Xinhuai.