China has admitted that it is still some way off reaching peak carbon emissions. Credit: zhengzaishuru via Getty Images.

China National Offshore Oil Corporation (CNOOC) has estimated that global oil prices will remain between $75 and $85 per barrel for the rest of the year, staying in the value range seen over the past two years.

The company, which recently reported record profits, is now one of China’s leading offshore oil and gas producers, and still views oil and gas as vital in maintaining energy security and a necessary part of the energy transition.

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Earlier this week, China admitted that it is still some way off reaching peak carbon emissions as it population is huge and its need for power will likely keep growing.

The country’s National Energy Administration (NEA) issued an official statement on Thursday indicating the nation will reform and upgrade its power network to accommodate more renewables and enhance green power trading.

However, China is still “a developing country, pursuing modernisation for a huge population”, said the head of law and institutional reform at the NEA, Song Wen, with “great efforts still needed to achieve the goals of peak carbon and carbon neutrality”.

CNOOC expects to produce up to 720 million barrels of oil equivalent (mboe) this year, a 6% yearly increase, part of its strategy to cash in on the world’s still-growing demand for oil and gas.

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CNOOC revealed record interim profits earlier this week, with net profit attributable to shareholders hitting 79.73bn yuan ($11.19bn), a 25% increase on the year.

Its oil and gas production also rose by almost 10% on the year, surpassing 360mboe.