Green Dragon Signs Agreement With CUCBM For 5 PSCs

News: Chinese energy company Green Dragon Gas has signed a binding agreement with China United Coalbed Methane Corporation (CUCBM), a subsidiary of China National Offshore Oil Corporation (CNC). Under terms of the contract, both companies will jointly work for the development of CUCBM's five production sharing contracts (PSCs) in China. CUCBM will be investing an additional US$100mn and the companies will together acquire stake and revenue share in around 1,600 wells drilled by CUCBM in line with PSCs, as part of the contract.

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Related sectors of this article: Oil & Gas, Upstream, Exploration, Unconventional
Geography: China

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