China Gas to expand gas reserve in Inner Mongolia
China Gas Holdings Ltd<384>, an operator of natural gas services in China, had entered into an agreement to carry out explorations at a coal bed methane reserve in Wushengqi in the Inner Mongolia region.
Under the terms of the agreement, China Gas will be developing the Nanlihe block located in the city of Ordos, a land that is projected to have more than 3.6 trillion cubic meters of reserves. The block spans a land area of 2,440 sq km and its reserves are estimated at 110 billion to 300 billion cubic meters.
No specifics on the project had been announced, but China Gas commented that the Wushengqi project is expected to reap more profits as it would be producing greenhouse gas credits under a scheme to reduce the emission of harmful gases.
The third Chinese gas company listed in the Hong Kong stock market, China Gas is currently meeting much of the country’s demand by supplying to 58 cities and regions in China.
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