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CNOOC to Buy Half of China Coalseam Gas Firm

Source: Reuters 12/29/2010, Location: Asia

China National Offshore Oil Corp (CNOOC) will acquire half of one of the country's leading coalseam gas companies for 1.2 billion yuan ($181.2 million), as the country's third-largest oil and gas company expands further in the unconventional gas business.

CNOOC, parent of Hong Kong-listed CNOOC Ltd, will buy a 50 percent stake in China United Coalbed Methane Co Ltd. A signing ceremony for the deal would be held, industry sources with direct knowledge of the deal said.

China United Coalbed Methane Co Ltd has 27 coalseam gas blocks with proven reserves of around 50 billion cubic metres, they said.

China National Coal Group Corp, parent of China Coal Energy Co Ltd, which owns 100 percent China United Coalbed Methane Co, would hold the other half of the company after the deal, they said.

Earlier this month, CNOOC said it would acquire 50 percent of the exploration rights in five Australian coal seam gas blocks owned by Exoma Energy Ltd for A$50 million ($50.46 million), marking its second foray into Australia's unconventional gas market.

In March, CNOOC agreed to buy 3.6 million tonnes of liquefied natural gas (LNG) per year for 20 years from BG Group Plc's Queensland Curtis export plant in Australia that will use coal seam gas 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 coalbed methane 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 liquefied natural gas.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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