ConocoPhillips strengthens ties with Tianjin

ConocoPhillips, one of the largest foreign investors in China's upstream oil and gas sector, is looking to strengthen its partnership with China through low-carbon initiatives and energy supply, the company's top executive in China said.

"ConocoPhillips aims to leverage its global expertise in gas and liquefied natural gas and explore potential opportunities in China's LNG business sector, to further support LNG growth in the region and contribute to China's energy security," said Markel Hubinette, the company's China president, in an interview at the Binhai Media Center.

ConocoPhillips, one of the world's leading exploration and production companies, has been a strong partner with Tianjin and Binhai New Area over the past two decades. Its track record includes supplying more than 15 million metric tons of LNG to Tianjin from its joint venture projects, and it has been instrumental in supporting the city's energy security and carbon neutrality objectives. 

"Binhai New Area is significantly contributing to securing winter heat in northern China. It serves as a leading oil, gas and petrochemical industry hub in China and is also striving to promote the low-carbon and new energy industry development," said Hubinette, who visited the area five times from February to May.

Lian Maojun, Party chief of Binhai New Area, visited the headquarters of ConocoPhillips in Houston, Texas, and said, "Binhai New Area is envisioning deeper collaboration with the company and providing tailor-made services for its growth."

ConocoPhillips and CNOOC China Limited Tianjin Branch recently celebrated a number of significant milestones in Penglai, Shandong province, including the cumulative production of 500 million barrels of crude oil and the 1,000th cargo lifting operation. 

With a shared vision of sustainability, ConocoPhillips and CNOOC recently expanded the scope of their partnership in upstream exploration and production to include low-carbon energy development. In November they signed a memorandum of understanding during the China International Import Expo in Shanghai. It aims to enhance cooperation in low-carbon and new energy initiatives in the Bohai Area. 

"Under the MOU, we will jointly evaluate potential opportunities to reduce Penglai emissions," Hubinette said. "It's impressive to see China's commitment to dual-carbon goals and remarkable advancements in low-carbon development, which were highlighted in the government work report this year. "

With an ambition to become a net-zero company for operational emissions by 2050, ConocoPhillips seeks mutually beneficial outcomes in support of China's sustainable development," he said.

"China has made remarkable achievements in the low-carbon area. We believe that China will play a vital role in the global energy transition and climate change solutions." 

With a presence in China for more than 40 years, ConocoPhillips has benefited from the country's reform efforts and increasingly open business environment. 

Hubinette received the Haihe Friendship Award earlier this year for his significant contributions to Tianjin. He traced his deep bond with China dating to 1998, when he first visited the country to explore its cultural heritage and natural beauty.

Over the years, ConocoPhillips has invested more than 83 million yuan ($11.7 million) and undertaken philanthropic initiatives in China, including deep collaboration with TEDA International Cardiovascular Hospital to support children with congenital heart disease and facilitating overseas training for medical practitioners.