CNOOC signs US$1.56 bln domestic coalbed methane deal

  • Business Premium
  • Monday, 06 Aug 2012

HONG KONG: CNOOC Ltd, China's largest offshore oil producer, has signed a deal to spend 9.93 billion yuan (US$1.56 billion) to explore for coalbed methane (CBM) in China over the next five years as part of a 30year agreement.

A deal on the project was signed between CNOOC Ltd and China United Coalbed Methane Corporation Ltd, which is half owned by CNOOC Ltd's parent, China National Offshore Oil Corporation (CNOOC Group), and half owned by China National Coal Group Corp, CNOOC said in a filing with the Hong Kong bourse.

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