CLP Holdings and CNOOC have signed a strategic MoU to mark 30 years of partnership, securing long-term natural gas supplies while accelerating Hong Kong’s transition into a premier green maritime fuel bunkering hub. The collaboration focuses on advancing low-carbon technologies, including hydrogen and CCUS, to support the National 15th Five-Year Plan and achieve the Guangdong-Hong Kong-Macao Greater Bay Area’s dual carbon goals.
Hong Kong | April 30, 2026 – In a move that reinforces the backbone of the city’s energy security while charting a course toward a net-zero future, CLP Holdings Limited (CLP) and China National Offshore Oil Corporation (CNOOC) have officially signed a Memorandum of Understanding (MoU) to deepen their strategic collaboration.
The agreement, signed on 24 April 2026, marks the 30th anniversary of a historic partnership that fundamentally reshaped Hong Kong’s fuel mix. The new MoU aims to align both entities with the National 15th Five-Year Plan, supporting the country’s “dual carbon” goals and transforming Hong Kong into a premier regional hub for alternative fuel bunkering.
A 30-Year Legacy: From Yacheng to the World
The partnership began in 1996, a milestone year when CLP became the first power company in Hong Kong to utilize natural gas for electricity generation, sourced from CNOOC’s Yacheng Gas Field in the South China Sea. This made CNOOC the first Mainland enterprise to supply natural gas to the territory.
Over three decades, this relationship has evolved from a single-source supply into a sophisticated, multi-field interconnected mechanism. This infrastructure has been vital in allowing CLP to increase its gas-fired power generation to over 50%, significantly reducing the carbon intensity of Hong Kong’s electricity grid.
Pioneering the LNG Bunkering Frontier
The collaboration has recently moved beyond traditional power generation. A key highlight of their joint efforts is the construction of the Hong Kong Offshore Liquefied Natural Gas (LNG) Terminal.
Furthermore, the partners successfully executed Hong Kong’s first ship-to-ship LNG bunkering with simultaneous cargo operations (SIMOPS). This achievement is viewed as a cornerstone for the marine industry, proving that Hong Kong has the technical capacity to service the next generation of LNG-powered vessels.
The MoU: A Roadmap for Innovation
Under the newly signed agreement, CLP and CNOOC have committed to a broad scope of cooperation designed to future-proof the region’s energy sector:
- Natural Gas & Supply Chains: Strengthening existing supply solutions and exploring new industry chain developments.
- Green Maritime Hub: Jointly developing LNG and green maritime fuel bunkering businesses to bolster Hong Kong’s status as a sustainable shipping center.
- Decarbonization Technologies: Exploring “zero-carbon” projects, including Hydrogen and Carbon Capture, Utilisation, and Storage (CCUS).
- Renewable Energy: Identifying and developing renewable energy projects across the Chinese Mainland.
Strategic Vision: Leadership Perspectives on the Future of Regional Energy
Mr. T.K. Chiang, CEO of CLP Holdings, said “CLP has been working closely with CNOOC for 30 years and has built a long-standing and trusted partnership. The enhanced cooperation demonstrates closer strategic alignment and opens a new chapter in energy collaboration. CLP will continue to leverage its power expertise, strengthen its bridging role connecting the Chinese Mainland and the world, further advance regional energy collaboration, and reaffirm our commitment to supporting the country’s dual carbon goals and the green, high-quality development of the Guangdong-Hong Kong-Macao Greater Bay Area.”
Mr. Yan Hongtao, Vice President of CNOOC, said “Over the past 30 years, we have provided solid support to Hong Kong’s energy supply with reliable natural gas and imported LNG resources, injecting continuous momentum into the city’s prosperity, stability and the well-being of its people. Looking ahead, we will continue to work closely with CLP to ensure the security of Hong Kong’s gas supply, while expanding our cooperation in new and renewable energy, jointly supporting Hong Kong in achieving its ‘Zero-carbon Emissions · Liveable City · Sustainable Development’ goals.”
Corporate Profiles
| Feature | CLP Group | CNOOC |
| Foundation | Investor-owned, Hong Kong-listed | State-owned, Est. 1982 |
| Market Reach | HK, Mainland China, Australia, India, SE Asia | China’s largest offshore producer; Global (Fortune 65) |
| Core Business | Generation, Transmission, Distribution, Smart Energy | Exploration, Refining, Gas & Power, Financial Services |
| Green Focus | Grid decarbonization & Regional bridging | Offshore wind, New Energy, CCUS |
As Hong Kong enters a critical phase of its energy transition, the renewed alliance between CLP and CNOOC ensures that the city’s lights stay on, fueled by increasingly cleaner, more sustainable sources.
About CNOOC
China National Offshore Oil Corporation (CNOOC), established in 1982 with the approval of the State Council, is a premier state-owned enterprise and China’s largest producer of offshore crude oil and natural gas. With a registered capital of RMB 113.8 billion, the Corporation manages five subsidiaries listed both domestically and internationally.
CNOOC’s extensive business portfolio includes oil and gas exploration and development, professional technical services, refining and marketing, natural gas power generation, and financial services. Strategically pivoting toward the energy transition, the Corporation is actively expanding its new energy footprint, particularly in offshore wind power. Ranked 65th on the 2025 Fortune Global 500 list, CNOOC consistently leads among central state-owned enterprises, having earned an “A” rating in the State-owned Assets Supervision and Administration Commission (SASAC) annual performance assessments for 21 consecutive years.
About CLP Group
The CLP Group is among the largest investor-owned power businesses in the Asia-Pacific region, maintaining a diverse portfolio of investments across Hong Kong, the Chinese Mainland, Australia, India, Southeast Asia, and the Taiwan Region. Listed on the Stock Exchange of Hong Kong, CLP Holdings Limited serves as the Group’s holding company. Its operations encompass every major segment of the electricity value chain, ranging from power generation, transmission, and distribution to retail and innovative smart energy services.
Source: CLP Group