Dart Energy International, the international arm of Australian coalseam gas company Dart Energy, Thursday said that it had entered into an agreement which could give it a stake in four coalbed methane blocks in China's Henan province and one shale gas block in Sichuan province.
The company, which currently holds stakes in two CBM blocks in China, has signed a Letter of Intent with Henan CBM and Hong Kong Prosperous Clean Energy Company for the establishment of foreign-cooperation production sharing contracts for the four CBM and one shale gas block, it said.
At the same time, Dart and HPEC have entered into a memorandum of understanding setting out the key commercial terms for a collaboration between Dart and HPEC in relation to these potential PSCs and associated downstream activities.
"We are extremely pleased by this important development in our Chinese business, which gives us the opportunity to significantly expand our China activities, through ground-floor entry into potentially high prospect licenses -- for CBM and for shale -- [and] we believe that a number of these could be multi-Tcf propositions," Dart International CEO John McGoldrick said.
"In relation to shale gas, this would make Dart one of the first foreign participants in the rapidly emerging Chinese shale gas industry, alongside some of the majors," he added.
The company, which currently holds stakes in two CBM blocks in China, has signed a Letter of Intent with Henan CBM and Hong Kong Prosperous Clean Energy Company for the establishment of foreign-cooperation production sharing contracts for the four CBM and one shale gas block, it said.
At the same time, Dart and HPEC have entered into a memorandum of understanding setting out the key commercial terms for a collaboration between Dart and HPEC in relation to these potential PSCs and associated downstream activities.
"We are extremely pleased by this important development in our Chinese business, which gives us the opportunity to significantly expand our China activities, through ground-floor entry into potentially high prospect licenses -- for CBM and for shale -- [and] we believe that a number of these could be multi-Tcf propositions," Dart International CEO John McGoldrick said.
"In relation to shale gas, this would make Dart one of the first foreign participants in the rapidly emerging Chinese shale gas industry, alongside some of the majors," he added.
Platts
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