Beijing blocks CNOOC's Exoma CBM deal

摘要

The Chinese government has not approved state-owned oil company CNOOC's planned purchase of coal-bed methane (CBM) assets in Queensland from Australian independ- ent Exoma Energy, and as a result the proposed transaction will not proceed, Exoma said on 2 January. CNOOC did not indicate why Beijing blocked the deal. The company had planned to buy 13pc of Exoma for A$10.7mn ($11.2mn) with an option to raise its stake to 19.9pc. CNOOC also intended to invest A$12.7mn in exploring Exoma's CBM permits in the Galilee and Eromanga basins in central Queensland.