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More informationThe Chinese state-owned oil and gas company China National Offshore Oil Corporation (CNOOC), which produced an estimated 570 Mboe of oil and gas in 2021 (above its 545-555 Mboe target), aims to reach an output of 600-610 Mboe in 2022 (+5.2-7%), including 69% in China. Moreover, the group targets a net oil and gas production of 640-650 Mboe in 2023 and 680-690 Mboe in 2024. The group plans to drill 227 offshore exploration wells and 132 onshore unconventional exploration wells, and to start 13 new projects in China and abroad. CNOOC plans to spend CNY90-100bn (US$14.1-15.7bn), with 57% for development, 21% for production and 20% for exploration. The company foresees its domestic crude oil output to hit a peak of 60 Mt by 2030 and natural gas output to cap at 40 bcm by 2035.
In 2021, the United States added 17.1 GW of wind and 15.5 GW of solar according to early estimates released by the US Energy Information Administration (EIA). The public agency forecasts that the country will commissions 46.1 GW of new capacity in 2022, including 21.5 GW of solar, 9.6 GW of gas, 7.6 GW of wind and 5.1 GW of battery. Most of the new solar capacity will be installed in Texas (6.1 GW, or 28% of the national total) and in California (4 GW), while 51% of the new wind capacity will be installed in Texas (with the 999 MW Traverse Wind Energy Center expected in Oklahoma in April 2022). New gas-fired capacities - mainly CCGT (8.1 GW) - will be added in Ohio, Florida, Michigan, and Illinois. In addition, two new reactors at the Vogtle nuclear power plant in Georgia should come online, adding 2.2 GW of new nuclear capacity.
The installed capacity in the United States amounted to 1,246 GW at the end of 2020. It is dominated by gas (44%) and coal (19%). Renewables account for 26% and nuclear for 8% of the total capacity.
Saudi Arabia plans to generate 15.1 TWh of renewable electricity in 2024, according to the country's Kingdom's General Authority for Statistics. In 2020, Saudi Arabia generated less than 730 GWh from renewables, accounting for 0.2% of the country's electricity production. Saudi Arabia’s National Renewable Energy Program includes 13 projects with a total capacity of 4,870 MW, including 4,470 MW of solar and 400 MW of wind.
Saudi Arabia’s installed capacity is almost entirely thermal and reached 89 GW at the end of 2020 (54% oil and 46% gas). The country promised in October 2021 to double the emissions cut it plans to achieve by 2030, from 130 MtCO2eq/year to 278 MtCO2eq/year. To do so, Saudi Arabia plans to cover around 50% of its power mix with renewables and up to 50% of the power mix with gas in 2030, and to build a green hydrogen plant fuelled by 4 GW of wind and solar and able to produce 650t/d of green hydrogen by electrolysis and 1.2 Mt/year of green ammonia. CO2 energy emissions increased strongly between 1990 and 2015 (+5%/year on average) and have since been decreasing by 2.6%/year, reaching 492 MtCO2 in 2020.
Iran has set the Phase 11 of South Pars (SP11) as its main priority to help increase the country's gas production capacity in 2022. In 2017, Total signed an agreement with NIOC to develop Phase 11 with a 50.1% interest in cooperation with Petropars (19.9%) and CNPC (30%). Following American sanctions, however, Total transferred its 50% share to CNPC, which subsequently abandoned the project due to international pressure. In 2020, Petropars started drilling operations on its own for Phase 11. The exit of Total caused major delays in the overall development but the offshore part was inaugurated in 2021. The whole phase 11 will cost US$5bn and will add 56 mcm/d once commissioned.
