Green Dragon Gas, one of the largest independent companies involved in the production and sale of coalbed methane (CBM) in China, reported 2013 upstream gas production of 4.86 billion cubic feet (Bcf), up 178%.
In April, the company said its own operations were on track to produce 18 billion ft3 of CBM by the end of 2014, a six fold jump from the 2.9 billion ft3 it produced over 2013.
Gas sales for the year stood at 8.01 Bcf up 424% on year, the company said in its annual report.
Reported revenue from continuing operations increased to US$ 62.2 million compared with US$ 8.1 million in 2012. However, pre-tax losses widening to US$ 34.8m, from US$ 16.8m the previous year.
The company gave a confident outlook for 2014.
“Our results for 2013 demonstrate the significant value due to Green Dragon as a result of the agreement reached with PetroChina during the year. Subsequent to the year end, agreements were reached with CNOOC and CUCBM, which will result in further increases in production as a result of their work performed on our GSS and GSN blocks. When combined with increases in production expected during 2014 from the company’s organic drilling programme, we look forward to another year of significant progress,” the company said.
Edited from various sources by Sam Dodson