Arrow, Fortune Team Up

摘要

Australia's Arrow Energy has joined forces with UK-listed Fortune Oil in a strategic alliance to develop coalbed methane (CBM) projects in China. Initially, Arrow will hand over US$13.3 million for a 35% stake in Fortune subsidiary Fortune Liulin Gas, which operates the Liulin CBM block in the Ordos Basin. Fortune said Friday that the alliance covers CBM production as well as recovery of gas from coal mines and combines Arrow's upstream expertise with Fortune's existing gas distribution capability. Fortune and its Chinese partner, China United Coal Bed Methane, are now working towards a development plan and full commercialization of Liulin.