Sino Oil and Gas Holdings Limited announced Monday that the National Development and Reform Commission (NDRC) has approved the overall development plan (ODP) of its Shanxi Sanjiao Coal Bed Methane (CBM) Project in China's Ordos Basin -- the first Sino-foreign CBM development involving China National Petroleum Corporation (PetroChina) to have gained the NDRC's approval.
The firm indicated, through its wholly-owned subsidiary Orion Energy International Inc., Aug. 21 that it had entered into a production sharing contract (PSC) with PetroChina -- its partner in China to explore, utilize and produce from the CBM field in the Sanjiao block in Shanxi and Shaanxi provinces.
With the receipt of official approval, NDRC has cleared the way for Orion and PetroChina to develop the Sanjiao CBM project.
"The Approval signifies that the Sanjiao CBM project will soon, in accordance with the ODP, commence the sizable development and production with an annual capacity of 17.66 billion cubic feet (500 million cubic meters)," Sino Oil and Gas said in the press release.
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