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 >>

Japan >>  6/8/2017 - In Japan, total commercial oil stocks fell by 8.6 mb in March for the fifth consecutive month to stand at 131.8 mb, which is 11.7 mb, or 8.2%, less th...
China >>  5/31/2017 - Chinaís crude imports reached a new record high in March, increasing by 889 tb/d, to average 9.2 mb/d, and remained higher from last year by a remarka...

Vietnam >>  5/31/2017 - General Electric (GE) announced the signing of agreements valued at more than $2 billion to support the development of Vietnamís energy sectors, as we...
Iran >>  5/29/2017 - Iran will sign a $4 billion deal with Franceís Total to develop phase 11 of the giant South Pars gas field before summer, Minister of Petroleum Bijan ...

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 | 18 |

More News

 

Oil & Gas Companies in China >>


Related Links

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