CNOOC raises stake in China United Coal Bed Methane to 70%

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)

By: Fanny Zhang
+65 6780 4359

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