News

November 30, 2009

Conference Report 2: Green Dragon Gas Excites As Its Commitment To China Starts To Pay Off While Industry Newcomers Newton Energy And Cove Energy Showcase Two Very Different Exploration Models

By Amy McLellan

This was not the first time that Green Dragon Gas had appeared at an oilbarrel.com event but a number of delegates at oilbarrel.com’s 30th conference were surprised at how the China-focused CBM specialist had grown since its last appearance in 2007. Stephen Hill, VP of corporate communications, gave a confident presentation, which left many in the audience wanting to know more (not least because Hill was cagey on 2010 drilling and production plans: those numbers will be released shortly, he said).

Green Dragon has been working in China since 1993, when chairman and CEO Randeep Grewal decided to apply his experiences as an investor in NYSE-listed CBM player Evergreen Resources, which was later bought by Pioneer Natural Resources in a US$2.1 billion deal, to coal-rich China.  “At that time the Chinese were looking for help to commercialise what they knew to be a huge resource,” explained Hill.  “But the American companies weren’t interested because they understood that the CBM...