Green Dragon Gas output soars in 2013

Green Dragon Gas Ltd, one of the largest independent companies involved in the production and sale of coal-bed methane in China, announced on Tuesday it reached gas output of 230 million cubic meters in 2013, up 304 percent year-on-year.

The company said its average daily output was 227,271 cu m in 2013, up 11 percent from the previous year.

In the downstream sector, the company said total sales for 2013 were 43.56 million cu m, a 71.1 percent increase year-on-year.

Randeep Grewal, chairman of Green Dragon, said the company saw overall production grow dramatically during 2013 to far exceed initial estimates.

"We have now recommenced investment in our organic growth and remain confident of achieving our target exit rate for this year of 18 billion cubic feet (0.509 billion cu m), with corresponding growth in annual production as wells currently drilled are tied into infrastructure and new wells add to gross production," he said.

At present, Green Dragon is a focused upstream company, concentrating on its core asset value proposition over six blocks, one in production and five in exploration.