22 February 2013 03:42 [Source: ICIS news]
SINGAPORE (ICIS)--China National Offshore Oil Corp (CNOOC) announced late on Thursday that it will increase its interest in China United Coal Bed Methane (CUCBM) to 70% from 50%.
China National Coal Group (ChinaCoal) will retain the remaining 30% of CUCBM, CNOOC said in a statement.
CNOOC did not disclose financial details of the transaction, but according to media reports, the acquisition of additional stake costs yuan (CNY) 580m ($93m).
By holding a controlling stake in CUCBM, CNOOC can accelerate explorations of the unconventional resource.
The acquisition, however, is still subject to regulatory approvals, CNOOC said.
($1 = CNY6.24)
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