NewswireToday - /newswire/ -
Sarasota, FL, United States, 2006/10/11 - Dr. David Marchioni praised China’s state-owned CUCBM for accelerating his company’s exploration and development work in a production-sharing contract he has with the Chinese for a coalbed methane project..
While his compatriots in Alberta fret about the price of natural gas, with many deferring coalbed methane (CBM) exploration because of lower gas prices, Dr. David Marchioni’s Pacific Asia China Energy is moving full speed ahead with his CBM project in China’s Guizhou province. “We have already been approached by people talking about investing in the company in order to get the first right of refusal,” Dr. Marchioni told StockInterview.com. “They are so desperate for gas.”
At the same time, Marchioni credits the company’s initial success to assistance provided by the state-owned China United Coalbed Methane Company (CUCBM), saying, “We signed our Guizhou production-sharing contract in November (2005), and we had a hole in the ground in February (2006). That would even be hard to do in Alberta .” He pointed out CUCBM was helpful in many ways, “The CUCBM has helped us with regulatory things. They put us in contact with drilling contractors, with seismic contractors. They have templates for the actual contracts.” Marchioni added, “They do a lot of the heavy lifting for us. They do a lot of the regulatory stuff. They get a lot of the clearances from the military, from the environment, and from the department of commerce.”
As a result, Marchioni is excited about recent drilling results for gas on his company’s production-sharing concession in China , saying, “We believe we have a world-class resource here. The gas content, the coal thickness, the gas in place, and the resources per square mile would compare quite favorably with any of the more famous CBM plays.” He added the amount of gas content at shallow depth is a major plus, “It compares with the resources of some of the major plays, like San Juan (New Mexico) and Black Warrior (Alabama) or the Deep Mannville in Alberta (Canada).”
For the interview with Dr. David Marchioni and the feature article entitled “China Connection: A Blessing for Two Coalbed Methane Companies,” please visit our website.
Stockinterview.com is an online news service, which provides investigative reporting, editorial, analysis and commentary of the nuclear fuel cycle, uranium mining, nuclear power, the environment and the natural resource industry. Over the past three years, the Internet news website has covered the nuclear energy renaissance, the worldwide uranium mining boom and the potential influence of alternative fuel sources on China’s dramatic economic growth.