May 10 - PetroChina to Spend $1.5 Bln on Coal Methane Capacity

Source Press
Company PetroChina 
Tags CBM, Unconventional Resources, Upstream Activities, Strategy - Upstream
Date May 28, 2010

(Reuters) - PetroChina will invest more 10 billion yuan ($1.46 billion) in coming years to build 4.5 billion cubic metres (bcm) of coal seam gas production capacity in China, a company official said.

'We aim to complete capacity building by 2013 and boost actual output to that level by 2015,' Jie Mingxun, general manager of PetroChina Coalbed Methane Gas Co told an industry forum in Beijing on Friday.

He said PetroChina's production of coal seam gas would reach 10 bcm by 2020.'

We often reach our goals ahead of schedule,' he told reporters on the sidelines of the China Energy Strategy Summit.

Jie said China's proven coal seam gas reserves totalled 185.2 bcm, with PetroChina holding about half of that.

PetroChina has two coal seam gas subsidiaries. Huabei Oilfield was focussed mostly in Qinshui Basin, northern Shanxi and  PetroChina Coalbed Methane Gas Co worked in other regions, according to Jie.

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