Eric Watkins
Senior Correspondent
LOS ANGELES, Jan. 4 -- Royal Dutch Shell PLC's China subsidiary has acquired a 55% equity stake and operatorship in a coalbed methane project in China's Shanxi Province.
Shell China Exploration & Production Co. said it received approval from the Chinese Ministry of Commerce to acquire Verona Development Corp.'s majority stake in a 30-year production-sharing contract covering the North Shilou Block, an area of 1,015 sq km in the eastern part of the Ordos basin.
The exploration period under the PSC runs through December 2010, with the PSC stipulating a 5-year development period and a 20-year production period.
Contact Eric Watkins at [email protected].
