18 Feb 2011 08:35

CNOOC subsidiary gets nod to invest in Australian gas assets

Shanghai. February 18. INTERFAX-CHINA - CNOOC Gas Power Group Ltd., the wholly-owned subsidiary of China's third-largest oil and gas producer China National Offshore Oil Corp. (CNOOC), received approval from Australia's Foreign Investment Review Board (FIRB) to acquire Exoma Energy Ltd.'s coal-seam gas (CSG) and shale gas assets, Exoma announced on Feb. 17.

In December 2010, CNOOC Gas Power reached an agreement with Exoma to acquire a 50 percent interest in 26,840 square-kilometers of its CSG and shale gas assets in Queensland's Galilee Basin for AUD 50 million ($50.62 million). These assets have a gas resource potential of 2.83 trillion cubic meters.

-TW