After years of development, Greka Group is predicting that all eight of its Chinese coalbed methane blocks will be online and profitable by 2020, helping national efforts to provide China with a cleaner energy alternative.
"We have been working with our Chinese partners in coalbed methane drilling and exploration technology over the past two decades, and we are glad to see one of the blocks cooperating with China National Petroleum Corp, the nation's largest oil and gas producer by domestic annual output, became profitable in 2010 and the other block working with China National Offshore Oil Corporation turned profitable in 2015," said Greka Group Chairman and CEO Randeep S. Grewal, during an interview with China Daily in Beijing.
"With all the technology mature and infrastructure ready thanks to the past two decades' of devotion, we will see a third block become profitable by next year and we expect all of the companies' eight blocks to be profitable by 2020," he said.
Source:chinadaily
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