China United Coalbed Methane
| Company type | State-owned enterprise |
|---|---|
| Industry | Coalbed methane, Natural gas |
| Founded | 1996 |
| Founder | China National Petroleum Corporation, Ministry of Coal Industry, Ministry of Geology and Mineral Resources |
| Headquarters | China |
Area served | China |
| Owner | Central government of China |
| Parent | China National Offshore Oil Corporation |
China United Coalbed Methane Corp., Ltd. (CUCBM), commonly referred to as China CBM, is a Chinese state-owned enterprise founded in 1996. Up until 2010, it possessed exclusive authorization to collaborate with foreign partners for the exploration, development, and production of coal mine methane. The company functions under the ownership of the central government of China and operates as a subsidiary of China National Offshore Oil Corporation.
History
The establishment of China United Coalbed Methane Corp., Ltd. occurred in 1996 through the joint efforts of two ministries and a state-owned corporation governed by the State Council of the People's Republic of China: China National Petroleum Corporation, the Ministry of Coal Industry, and the Ministry of Geology and Mineral Resources. The initial registered capital was . Under the 2001 Regulation on Sino-foreign Cooperation in Continental Petroleum Resources, this corporation maintained exclusive rights to enter into foreign partnerships focused on coalbed methane exploration and production. However, in 2007, the State Council revised this policy, permitting other companies to be nominated on a case-by-case basis. By 2010, three additional entities—China National Petroleum Corporation, China Petrochemical Corporation, and Henan Coalbed Methane Development and Utilization Co., Ltd.—were granted permission to participate in this industry segment.
As of 31 December 2014, ownership of China United Coalbed Methane was fully held by China National Offshore Oil Corporation (CNOOC). CNOOC incrementally increased its holdings over time, securing a 30% share in 2014, 20% in 2013, and acquiring a controlling 50% stake in 2010 from another state-owned firm, China National Coal Group.
During the period from 2009 to 2010, China National Coal Group became the sole proprietor after purchasing a 50% interest previously owned by PetroChina. PetroChina had earlier absorbed assets from China United Coalbed Methane into its subsidiary "PetroChina Coalbed Methane." Both PetroChina and China National Coal Group originally received their stakes in 1999 from their respective parent organizations: China National Petroleum Corporation and the Ministry of Land and Resources.
This progression in shareholding demonstrates a strategic realignment within China's coalbed methane sector, underscoring CNOOC's growing influence in unconventional natural gas resources.