China's Shouyang CBM PSC Operator FEEC Ceases Operations

China-focused coal bed methane (CBM) exploration and development company Far East Energy Corporation (FEEC) disclosed Tuesday that it has ceased all operations.

The U.S. listed company, which operates the Shouyang CBM Production Sharing Contract (PSC) in China's Shanxi Province, revealed that it "has ceased operations and commenced bankruptcy proceedings (the Chapter 7 Case) by filing a voluntary petition for relief under provisions of Chapter 7 of Title 11 of the United States Code to initiate an orderly liquidation of the assets of the Company," according to the press release. 

FEEC indicated that the Chapter 7 Case is entitled “In re Far East Energy Corporation” and is being administered under case number 15-35970 in the United States Bankruptcy Court for the Southern District of Texas. 

In October 2014, the Houston-based firm and its partner China United Coal Bed Methane (CUCBM) -- a subsidiary of China National Offshore Oil Corp. (CNOOC) -- received the overall development plan (ODP) for Area A in the Shouyang PSC. Area A, which contained most of the company's proven CBM reserves, has been expected to enter into the development phase when the ODP gets final regulatory approval later this year.

Have a news tip? Share it with Rigzone!


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  LyondellBasell Plans Its Largest Inves... (Jul 21)
 -  Preparing a Mechanical Engineering Res... (Jul 19)
 -  Tesoro Signs Deal with Pemex to Enter ... (Jul 19)
 -  Irish Gas Grid Could Receive LNG from ... (Jul 19)
 -  What's It Take to Land a Job as a Petr... (Jul 14)

Most Popular Articles

From the Career Center
Jobs that may interest you
Land GIS Spatial Analyst - Mineral Land
Expertise: Contracts Engineer|Geologist|Lease Analyst
Location: Denver, CO
Land Representative - MCBU Midland Surface
Expertise: Landman
Location: Midland, TX
Land Analyst - MCBU Midland
Expertise: Landman
Location: Midland, TX
search for more jobs

Brent Crude Oil : $48.06/BBL 2.51%
Light Crude Oil : $45.77/BBL 2.17%
Natural Gas : $2.97/MMBtu 2.30%
Updated in last 24 hours