To buy 50% stake In China United Coalbed Methane which holds 27 CBM blocks, gaining 50 B cu. meters proved.
China National Offshore Oil Corp. (CNOOC) plans to buy a 50% stake in China United Coalbed Methane and certain of its coalseam natural gas properties from China Coal Energy, a subsidiary of China National Coal Group, for approximately US$181.2 million. The parent company will hold the remaining 50% stake.
The assets include 27 coalbed-methane (CBM) blocks with proven reserves of around 50 billion cubic meters.
Earlier this month, CNOOC said it would acquire 50% of the exploration rights in five Australian CBM blocks owned by Exoma Energy for A$50 million (US$50.46 million), marking its second foray into Australia's unconventional gas market.
In March, CNOOC agreed to buy 3.6 million tons of liquefied natural gas per year for 20 years from BG Group's Curtis Island plant, in Queensland, which will use CBM as feedstock. It said it would take equity stakes in the gas reserves and production facilities.
CNOOC had previously said that it was looking to expand its CBM business and that it was considering using unconventional gas resources in the northern province of Shanxi to supply regional clients in the form of pipeline gas, compressed natural gas, or LNG.