() has had five of its Chinese gas exploration licences confirmed despite claims from its partner that they would be terminated.
The Chinese government has reissued the licences covering the Shizhuang North (Shanxi), Qinyuan (Shanxi), Fengcheng (Jiangxi) and Panxie (Anhui) blocks, as well as the commercial production block Shizhuang South (Shanxi).
China United Coalbed Methane Corporation (CUCBM), an affiliate of state-owned China National Offshore Oil (CNOOC), had posted termination notices on its website about the exploration blocks.
Randeep Grewal, chief executive and founder of , said: ?We always believed in the Central Government of China and thus the validity of our bi-laterally protected right, title and interest in the Production Sharing Contracts [PSCs].
?We are delighted to have the PSCs reaffirmed by the central government. We have invested extensively for over a decade in these PSCs, building our knowledge and understanding of how to commercially extract gas from coal seams in China, which has resulted in us achieving an IRR [internal rate of return] of 70% on our first LiFaBriC well till date.
?We have demonstrated the repeatability of these wells, a vital component for commercial success in CBM. With the title issues behind us, we now look forward to the future with added confidence, as we continue to expand our programme of drilling wells and gas production growth.?
mirror mirror texas relays meniscus robyn the colony ncaa final four 2012 uk vs louisville
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.