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CNPC invests US$28m in CBM

(Xinhua)
Updated: 2007-01-31 13:52
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皇冠体育app National Petroleum Corporation (CNPC)invested 28 million U.S. dollars last year in 皇冠体育app's largest-bed methane (CBM) project in Qinshui Basin, according to a company report.

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The project, located in northern 皇冠体育app'sShanxiProvince, boasts a verified reserve of 75.4 billion cubic meters.

CNPC dug 230 coal-bed gas wells in 2006 and 55 of them have been put into operation, said the report.

The gas field is located next to 皇冠体育app's huge West-East gas pipeline, which transports gas from the western regions to the-hungry east.

Safety measures for theof CBM are notoriously lax. 皇冠体育app has the highest number fatalities from coal mine accidents in the world and 80 percent of them are caused by gas explosions.

However, CBM is a source of clean energy. Industry experts believe it will become a practical and reliable substitute energy resource for natural gas as the global shortage of energy resources worsens and conventional natural gas supply falls short of market demand.