According to a statement by Exoma Energy Ltd., Australia’s finance minister has approved CNOOC Ltd. to invest in coalbed methane (CBM) and shale gas projects in Australia.
In December 2010, Exoma and CNOOC signed an agreement in which CNOOC Gas & Power Group, a subsidiary of CNOOC, gained a 50% interest in five of Exoma’s exploration projects in the Galilee Basin. In addition, the arrangement gives CNOOC Gas & Power the option to buy 173.2 million Exoma shares, which represents a 35% stake in the company.
This agreement adds to CNOOC’s international unconventional portfolio, which has been significantly bolstered over the past year. In October 2010, CNOOC scooped up one-third of Chesapeake Energy Corp.’s Eagle Ford interest. The company also entered into an agreement with France’s GDF Suez for the purchase of 2.60 million tons of liquefied natural gas.
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