Gulf Oil and Gas accountACCOUNT

China Raises Cash Subsidy for CBM Produced Locally by 50%

Source: www.gulfoilandgas.com 3/15/2016, Location: Asia

Share |
Green Dragon Gas Ltd. (GDG), one of the largest independent companies involved in the production and sale of Coalbed Methane ('CBM') gas in China, reports a 50% increase, from $0.87/Mcf to $1.31/Mcf, in the level of cash subsidy to be paid per Mcf paid for CBM produced. The increase, effective 1 January, 2016, was recently announced by the Central Government of the PRC as part of the Country's 13th Five-Year-Plan ('the Plan').

The Plan reiterates the importance of CBM in China's domestic energy market and underscores the Central Government's focus on the development of a clean and low-carbon energy system that is both safe and efficient. China continues its commitment to increasing gas consumption as part of a cleaner energy mix.

The increase in the state subsidy will provide additional income for the Group and supports the continued development of the Group's extensive acreage held under its six Production Sharing Agreements with its partners CNOOC, PetroChina and CNPC.

Mr. Randeep S. Grewal, Founder and Chairman of Green Dragon Gas, commented: "This increase is yet another demonstration of the Chinese government's continued commitment to develop domestic clean energy from Coal Beds to facilitate its objective of increasing the gas component of the energy mix. Green Dragon's CBM provides an important domestic resource which, after twenty years of the Company's efforts, is well defined, de-risked with proven technology and made even more economically favourable with this increased government contribution."

Coalbed Methane News in China >>

Russia >>  2/8/2017 - GDP in Russia contracted by 0.4% y-o-y in 3Q16, the slowest pace since the onset of economic deceleration in 1Q15. Household consumption showed a slow...
Russia >>  2/7/2017 - The technology company The Linde Group has recently been selected by Gazprom and Project EPC contractor SRDI Oil & Gas Peton as the licenser for a mid...

Indonesia >>  2/1/2017 - Honeywell (HON) announced that PT Pertamina (Persero) will use Honeywell UOP technology to produce high-octane gasoline blending components and jet fu...
Singapore >>  1/31/2017 - The Asian market continued to be relatively healthy during December on the back of firm regional demand. However, pressure coming from the supply side...

India >>  1/25/2017 - In the presence of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and...
China >>  1/24/2017 - China’s crude imports increased by 1.1 mb/d, or 16%, in November to average 7.9 mb/d, compensating for the drop in crude imports it saw a month earlie...

Related Categories: Coalbed Methane  General  Heavy Oil  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 

Related Articles: Coalbed Methane  General  Heavy Oil  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 


China Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 |

More News

 

Oil & Gas Companies in China >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.