PetroChina secures permits for extensive and large scale geothermal projects
PetroChina website banner (source: PetroChina website)
Alexander Richter
25 Aug 2022
Having secured permits for more than 11 million square meters of geothermal projects, PetroChina sets new target of 20 million square meters of geothermal development.
Last year, we reported on Chinese state-owned oil company PetroChina’s geothermal plans and now, as part of the reporting on financial results, the company announced progress on its renewable energy development.
Reporting on financial results for the first half year of 2022, PetroChina’s chairman Dai Houliang unveiled that the company “won permits to install 5.36 GW of wind and solar farms and 11.2 million square metres of geothermal projects during the first six months of the year.”, after the company posted a 55.3 per cent year-on-year jump in interim profit today.
“As the development pace was faster than expected, we have adjusted our target for wind and solar farms approvals to 20,000 MW and that of geothermal acreage to 20 million square metres,” he said, without giving a timetable for the implementation.
While the company did not provide the amount allocated for execution of renewable projects this year, vice-president Wan Jun said it was included in its 175 billion yuan (US$25.5 billion) oil and gas exploration and development budget.
PetroChina has set a goal for its carbon emissions to peak by around 2025 and reach “near-zero” level by 2050. It has yet to commit to a net zero goal on the emissions arising from the usage of its products, so the Southern China Morning Post.
Source: South China Morning Post
