Green Dragon Gas' Production Up 178% in 2013

Green Dragon Gas, one of the largest independent companies involved in the production and sale of CBM gas in China, has reported 2013 upstream gas production of 4.86 billion cubic feet (Bcf), up 178%.

Gas sales for the year stood at 8.01 Bcf up 424% on year, the company said in its annual report.

Reported revenue from continuing operations increased to $62.2 million compared with $8.1 million in 2012. However, pre-tax losses widening to $34.8m, from $16.8m the previous year.

The company gave a confident outlook for 2014.

“Our results for 2013 demonstrate the significant value due to Green Dragon as a result of the agreement reached with PetroChina during the year. Subsequent to the year end, agreements were reached with CNOOC and CUCBM which will result in further increases in production as a result of their work performed on our GSS and GSN blocks. When combined with increases in production expected during 2014 from the company’s organic drilling programme, we look forward to another year of significant progress,” the company said.