PetroChina (NYSE:PTR) and BP (NYSE:BP) have carried out initial studies of the geological conditions at the Shaerhu block and completed preparatory work to evaluate the resource, according to Bloomberg News. PetroChina (NYSE:PTR) has previously said it will bolster its production of coal-bed methane in the coming years to meet rising domestic demand.
Methane is extracted from coal by removing water and lowering pressure on coal seams. PetroChina (NYSE:PTR) and BP (NYSE:BP) are partners on the project and apparently have a warm relationship as PetroChina (NYSE:PTR) has offered assistance to BP (NYSE:BP) in cleaning up the Gulf of Mexico oil spill.
Separately, Australian regulators approved the $3.1 billion purchase of Arrow Energy by PetroChina (NYSE:PTR) and Royal Dutch Shell (NYSE:RDS-A), Europe's largest oil company.
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