PetroChina sets renewables strategy with focus on geothermal and solar
PetroChina website banner (Source: PetroChina website)
China’s largest oil company is relying on renewable energies, especially geothermal and solar, with the goal of net zero by 2050
To reduce its carbon footprint, China’s largest oil company PetroChina plans to accelerate the transition to renewable energies. By 2035, PetroChina aims to use a third of its production for renewable energy. Your renewable energy strategy will focus on solar and geothermal.
PetroChina’s vast onshore space will be a huge asset to their renewable energy strategy. The company estimates that its 15 oil fields can develop geothermal resources of up to 1.6 billion tons of coal equivalent. Most of this potential development is in the Huabei, Dagang and Jidong oil fields. PetroChina has already increased the coverage of the geothermal heating surface by 10 million square meters in the first half of 2021.
According to the President of PetroChina, Huang Yozhang, their geothermal, wind and solar projects already under construction have a total capacity of 350,000 tons of coal equivalent. By the end of 2021, the company plans to produce a total of 3.45 million tons of coal equivalent from renewable energies.
Other efforts by PetroChina include building hydrogen refueling stations and researching and developing carbon capture and storage. The company’s ultimate goal is to be net zero by 2050.