Sino Oil Gas CBM project to go on-line in August
Shanghai. July 26. INTERFAX-CHINA - Hong Kong Stock Exchange-listed Sino Oil and Gas Holdings Ltd. (Sino Oil Gas) will supply Shanxi Province with compressed natural gas (CNG) from the company's coalbed methane (CBM) field in Shanxi's Sanjiao Block, the firm announced July 25.
The field is expected produce 15,000 cubic meter of CBM daily when it becomes operational next month, Wen Zixun, chief financial officer (CFO) of Sino Oil Gas, said in the announcement. Daily output will rise to 30,000 cubic meters within a week and 150,000 cubic meters by the end of the year.
The Sanjiao Block has 43.5 billion cubic meters of proven CBM reserves, according to an earlier Sino Oil Gas announcement
Formerly known as Genesis Energy Holdings, Sino Oil Gas gained development and exploration rights to the Sanjiao Blocks with its July 2010 acquisition of Orion Energy International Inc (Orion), a Beijing-based private CBM producer.
PetroChina Oil and Gas Company Ltd. (PetroChina) has a 30 percent interest in the Sanjiao Block CBM project through a production sharing contract (PSC) with Orion.
- TT