PetroChina gets green light for Oz CBM deal

Green light: China's National Development & Reform Commission has given the nod for PetroChina to buy Molopo Energy's CBM assets in Queensland

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Josh Lewis

 18 October 2012 03:35 GMT

Chinese state-run giant PetroChina has cleared the final regulatory hurdle to acquire the coalbed methane (CBM) assets of Australian company Molopo Energy in Queensland’s Bowen basin.

Molopo announced on Thursday that the deal had received approval from China’s National Development & Reform Commission (NDRC).

The deal had already received approval from Australia’s Foreign Investment Review Board last month.

PetroChina is buying Molopo’s 67.1% interest in ATP 564P, PLA 210 and PL 94 North sublease as well as its 62.9% interest in PLA 447 and ATP 602P for a purchase price of A$41 million (US$42.6 million) plus a A$2.4 million working capital adjustment.

The permit areas have been estimated to hold about 328 billion cubic feet in proven plus probable gas…

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