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People's Daily Online>>China Business

Panzhuang CBM project receives government approval

(Xinhua)

19:16, December 16, 2011

BEIJING, Dec. 16 (Xinhua) -- China United Coalbed Methane Co. and its U.S. partner Asian American Gas, Inc. said Friday that they have gotten the government nod on their development plan for the Panzhuang coalbed methane project in central China's Shanxi province.

The two companies said the Panzhuang project is the first Sino-foreign commercial coalbed methane project in the country.

Each company holds a 50-percent stake in the project, and Sino-American Energy, Inc., a subsidiary of the U.S. company, will be the operator.

The Panzhuang project occupies an area of 150 square kilometers and has proven reserves of 30 billion cubic meters. The project's output is expected to reach 500 million cubic meters by 2013.

The two companies have invested 1.26 billion yuan (200 million U.S. dollars) during the project development period.

Established in 1996, China United Coalbed Methane Co. focuses on exploring, developing and producing coalbed methane in cooperation with overseas companies. The company's output will reach 3 billion cubic meters by 2015.

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