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    PetroChina Gets Final Nod for Molopo's CBM Asset Buy

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Summary

China's National Development and Reform Commission (NDRC) has approved PetroChina’s purchase of Molopo Energy’s Queensland Bowen Basin coal bed methane assets.

by: Shardul

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Asia/Oceania

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PetroChina Gets Final Nod for Molopo's CBM Asset Buy

China's National Development and Reform Commission (NDRC) has approved PetroChina’s purchase of Molopo Energy’s Queensland Bowen Basin coal bed methane assets. PetroChina had already secured approval for the transaction from Australia’s Foreign Investment Review Board (FIRB).

Molopo Energy in a statement has said that the transaction is now scheduled to close on 1 November 2012.

In August, Molopo Energy Limited agreed to sell its Queensland Bowen Basin coal bed methane assets to PetroChina for A$41 million. The Australian firm will also get A$2.4 million for working capital. 

PetroChina Australia will acquire 100% of Molopo’s coal seam gas assets in Queensland. The sale proceeds, combined with Molopo’s existing strong cash position, will be used to fund its 2013 capital program it enters a period of intensive development of our Texas Wolf camp oil acreage.

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