Asian American Gas Inc., (AAGI) an international
organization backed by world-renowned energy companies and investment funds,
announced that National Development and Reform Commission (NDRC), has
officially approved AAGI’s Overall Development Plan for the Panzhuang Coalbed
Methane Project in Jincheng City, Shanxi Province, china.
“The approval of the Panzhuang ODP is exciting news
and a major milestone for Sino-foreign cooperative CBM projects,”
said Steve Zou, president and CEO of Asian American Gas Inc.
The Panzhuang project is the first Sino-foreign
cooperative commercial CBM project in China. AAGI partnered with CUCBM to
complete this project.
Panzhuang CBM concession is a high potential CBM block
that is ready for commercial development. The total investment during the
development period will be USD 198 million.
AAGI has
completed 20 multi-lateral wells and are currently under trial production. The
Panzhuang project’s annual CBM production capacity is expected to reach 500
million m3 in 2014.
AAGI will maintain the highest standards of safety and
responsibility of the project, and make a sustainable contribution to local
economic and social development.
“I am very confident that the Panzhuang project will
greatly enhance CBM commercialization in China and improve CBM
technological development and management levels,” added Steve Zou.
By GreentechLead.com Team
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