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Gold/Mining/Energy : Coalbed Methane (CBM) Corral
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From: LoneClone6/18/2010 9:20:55 AM
   of 365
 
Far East Energy inks coal bed methane sale deal with Chinese firm
(China Knowledge)
Updated: 2010-06-18 13:53

chinamining.org

U.S.-based Far East Energy Crop on Tuesday said that it has inked a long-term coal bed methane sale agreement with Shanxi Provincial Guoxin Energy Development Group, sources reported.

Pursuant to the agreement, Far East Energy will sell the coal bed methane generated from the Shouyang block in Shanxi Province to Guoxin Energy for RMB 1.55 per cubic meter, including enacted and recently announced Chinese government subsidies, which equates to approximately US$6.55 per million cubic feet. The maximum daily output of the Shouyang block is 10.6 million cubic feet.

The 20-year long contract price secured by Far East Energy and its partner China United Coalbed Methane Crop is 28% more than the current price in the U.S.

Guoxin Energy must buy all coal bed methane produced in the Shouyang Block, according to the statement.

Coal bed gas, a form of natural gas, is a clean-burning fuel that China intends to use to supply part of its enormous energy needs. China's coal bed methane reserves are estimated to be two times that of the U.S., the world largest coal bed methane producer.

Based in Houston, Texas, with offices in Beijing, Kunming and Taiyuan, Far East Energy is focusing on the coal bed methane exploration and development in China.
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