ConocoPhillips said that it has "terminated" its involvement in a pilot evaluation program in a coalbed methane project in the onshore Qinshui Basin in China, the company said Wednesday in a 10-K filing to the US Securities and Exchange Commission.
The company said that it entered into a pilot evaluation program in 2009 in a CBM play in the onshore Qinshui Basin in northern China's Shanxi province. The pilot program was expected to last 12-19 months and involved drilling and monitoring the production performance of a series of horizontal wells.
"In the fourth quarter of 2010, we terminated our involvement in this program," ConocoPhillips said in the statement, without elaborating.
Earlier this month, state-owned China National Petroleum Corp. said it discovered new proven CBM reserves of 30.8 billion cubic meters in the Zhengzhuang block in the Qinshui Basin.
Together with an earlier 84.4 billion cu m of proven deposits in the Fanzhuang and Zhengzhuang blocks, total proven reserves stand at 115.2 billion cu m for the Qinshui Basin, according to CNPC.
