CNOOC to buy stake in Exoma's Queensland blocks

10:42, December 10, 2010      

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China National Offshore Oil Corp. (CNOOC) announced Thursday that it has signed a contract to buy 50 percent stakes in Exoma Energy Ltd.'s exploration blocks in Queensland, Australia, for about 326 million yuan ($49 million).

This is the first time for CNOOC to develop unconventional gas in a foreign country, and it may help to secure future sources of supply in Australia.

The capital infusion will allow CNOOC to gain access to Exoma's five exploration permits in Galilee Basin in Queensland, according to the Xinhua News Agency.

"CNOOC brings in not just the expertise, not just the money to help us with this project, but critically they bring us access to the market," Exoma Chairman Brian Barker.

China National Petroleum Corporation (CNPC), the parent company of CNOOC, also has an option to purchase as many as 86.6 million Exoma shares, but both the Galilee transaction and the stock purchasing option are subject to approvals from the Chineseand Australian governments.

Coal-seam gas is mostly methane found on the surface of coal and it can be extracted by reducing pressure on the seams, usually by removing water.

Source: Global Times


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