6 January 2011
CNOOC to buy 50% of CUCBM
Increase in focus on developing China’s unconventional gas resources
China’s state-owned CNOOC is fleshing out a deal to buy 50% of China United Coal Bed Methane (CUCBM) for Rmb1.2bn ($181m), according to local media. The deal signals CNOOC’s increasing focus on developing China’s unconventional gas resources. CUCBM owns 27 CBM blocks with proved reserves of around 50bn cubic metres (cm). Chinese CBM reserves are the third-largest in the world, surpassed only by Russia and Canada – total resources could exceed 36.8 trillion cm, according to the country’s Coal Information Institute. CBM mainly occurs in the neighbouring provinces of Shaanxi and Shanxi, Inner Mongolia and the Yunnan-Guizhou Plateau area. Zhu Wenda, a gas manager at CNOOC, says the company has b
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