Chinese oil giant plans offshore wind expansion as first turbines hit the sea

Chinese oil major CNOOC installed its first turbines at sea and unveiled plans to increase investment in the sector, a year after announcing its offshore wind comeback.

CNOOC will now allocate 3-5% of its annual future Capex to offshore wind development, company president Keqiang Xu said in a briefing on its 2020 business strategy, while admitting that the oil group is still “slowly exploring” its business model in the hotly-contested market.