Pact to target red hot demand for energy

14:24, November 11, 2010      

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PetroChina and Royal Dutch Shell have agreed to explore oil and gas projects in Canada and a coal-bed methane tract in North China's Inner Mongolia region, according to Bloomberg News.

The deal, which aims to capitalize on growing global demand for energy, was struck Wednesday in Beijing, and will include energy cooperation in both oil rich Canada and the coal rich Erdos Basin in the Inner Mongolia Autonomous Region.

The contracted zone called Changbei Tract has a total area of 1,588 square kilometers. It is located in the north Erdos Basin, north of Shaanxi Jingbian and west of Shaanxi Yulin. A total of 30 wells with an average depth of 2,700 - 2,900 meters have been drilled in the tract to date.

Coalbed methane, or coal seam gas, is a form of natural gas extracted from coal beds. In recent decades it has become an important source of energy in the United States, Canada, and other countries.

In August, Asia's largest oil and gas producer and The Hague-based oil giant also completed an $3.5 billion joint acquisition of Australia's coal-bed methane producer Arrow Energy.

By 2020, PetroChina aims for a 14-fold increase in coal seam gas output from the Erdos Basin and the company plans to produce 10 billion cubic meters of coal seam gas per year.

Wednesday, PetroChina's shares in the Shanghai Stock Exchange increased 0.08 percent to 11.83 yuan ($1.78), while stock of the oil and gas giant closed at 10.14 yuan ($1.53), down 0.2 percent at Hong Kong Stock Exchange.

Source: Global Times

(Editor:黄蓓蓓)

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