What are cnooc s energy storage needs

Will CNOOC start operations at the same time?

Supporting facilities will start operations at the same time. The Jiangsu LNG Binhai Receiving Station, which will house CNOOC's upcoming six LNG storage tanks, will have an annual LNG processing capacity of 6 million metric tons and will become the largest LNG storage base in China, said CNOOC.

Why did CNOOC make a profit?

Burning of natural gas results in roughly half the carbon emissions of coal per million British thermal units of energy and 30 per cent less than oil. CNOOC said its first-half net profit grew mainly due to a 61 per cent jump in average oil selling price to US$62.38 a barrel.

Why is CNOOC expanding LNG projects in Jiangsu?

Wang Dongjin, chairman of CNOOC, said the expansion of the LNG projects in Jiangsu is in accordance with the government's plan to step up natural gas supply. As the leader of the country's LNG sector, CNOOC will continue accelerating the clean energy supply capacity to help China achieve carbon neutrality on time.

Is CNOOC a good stock to buy?

Sanford C. Bernstein senior analyst Neil Beveridge said CNOOC was one of the least expensive oil and gas stocks among global peers. “Addition to the US [sanctions] list is part of the reason for the discount, but for non-US investors who want exposure to oil, CNOOC offers attractive returns,” he wrote in a note on Thursday.

What does CNOOC do in Qingdao?

An employee of CNOOC cleans LNG transmission facilities in Qingdao, Shandong province. [Photo by Yu Fangping/For China Daily] Jiangsu facility will cost $956m, boost green push, spur gas tank technology

How much will CNOOC's LNG tank project cost?

In all, six tanks independently developed and designed by CNOOC will be built at a cost of 6.1 billion yuan ($955.9 million). In the first phase, four LNG storage tanks had been built. Upon completion at the end of 2023, the full project will have 10 tanks, including six new ultra-large tanks, which will have a total volume of 270,000 cubic meters.