AAG Energy Limited (AAG), one of the leading independent coalbed methane (CBM) companies in China, announced that the combined gross production from its Panzhuang and Mabi concessions in Shanxi Province surpassed 35.315 million ft3/day.
Production at the Panzhuang concession has grown on average 50% year over year since 2011 when Panzhuang became the first Sino-foreign cooperative CBM project to obtain Overall Development Plan (ODP) approval from the National Development and Reform Commission (NDRC). Due to the swift production increases and rising natural gas price environment in China, AAG has increased revenue ~140% since 2011 reaching US$ 22.36 million by the end of 2013.
Keeping pace with the rapid development in Panzhuang, in 2013 the Mabi concession obtained preliminary ODP approval from the National Energy Administration (NEA). Mabi has a first phase commercial capacity target of 35 billion ft3/year, with future commercial production expected to surpass 100 billion ft3/year.
“This milestone marker of 35 million ft3/day represents a 200% production increase from a year ago levels,” the company said in a statement.
Edited from various sources by Sam Dodson
Read the article online at: https://www.worldcoal.com/cbm/20062014/production_milestone_for_coalbed_methane_company_in_china_cbm55/