CNOOC, China United Ink $1.56B Methane Exploration Deal

Law360, New York (August 6, 2012, 5:27 PM EDT) -- CNOOC Ltd. has reached a 9.93 billion yuan ($1.56 billion) agreement with China United Coalbed Methane Corp. Ltd. to explore, develop and sell coalbed methane and related products, according to a Friday securities filing with the Hong Kong Stock Exchange.

Under the terms of the three-phase, 30-year deal, oil heavyweight CNOOC will develop and share the profits from coalbed methane fields across China, which has been working to drastically increase its coalbed methane output over the next decade.

China United, which is half owned by CNOOC's...
To view the full article, register now.