Chinese offshore giant CNOOC Ltd is poised to acquire wind power assets as it looks to gear up its green development portfolio.

CNOOC Ltd intends to acquire offshore acreage with the potential to house between five and 10 gigawatts of offshore wind power generation, with the company targeting to have 1.5GW of capacity installed and commissioned by 2025.

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It is also looking to hold an onshore portfolio with the potential capacity for 5GW of onshore wind and solar, with plans to have between 500 megawatts and 1GW installed and commissioned by 2025.

Until 2025, the company will allocate 5% to 10% of capital expenses to develop its green business and low-carbon portfolio, CNOOC Ltd said.

Based on CNOOC Ltd’s estimated investment budget of 100 billion yuan ($15.4 billion) this year, 5% to 10% will mean an outlay of 5 billion yuan to 10 billion yuan.

Other schemes include providing electricity for offshore exploration and production via the power grid instead of installing power engines on offshore platforms.

CNOOC Ltd said this will facilitate energy saving and emission reductions for its offshore operations.

The company is already developing two shallow-water oilfields — Kenli 6-1 and Bozhong 29-6 in China's Bohai Bay — that will feature onshore power facilities to provide electricity to the fields offshore platforms.

The state-controlled player recently gained government approval to develop a wind project offshore Shantou city in southern China’s Guangdong province, the second of its kind for CNOOC Ltd.

In September 2020, the company started operations at its first offshore wind project in Jiangsu province.

The 300MW H2 project has 50, 4MW turbines and 17, 6MW turbines. A total of 47 of the turbines are installed in shallow waters and the rest in deep water.