China CBM Player Green Dragon Gas Produced 8.2 Bcf of Gas in 2014

China focused coal bed methane player Green Dragon Gas has set a production target of 12 billion cubic feet for the year 2015.

In an operational update published Monday, the company said its 2014 gas production stood at 8.2 billion cubic feet, unchanged from the year before. Green Dragon completed 10 LiFaBriC wells in 2014.

"2014 was a milestone year for Green Dragon. Following the execution of very constructive and lucrative agreements with all our partners in the first half, the latter part of the year was productively focused on our operations,” Randeep S. Grewal, Chairman and Founder of Green Dragon, commented.

The company added that it is implementing a programme to deliver an imminent step change in production and cash generation, maximising value from its strategic locations in China's strong growth gas market.

“Furthermore, as expected, Chinese government policies towards gas utilization objectives and prices are unaffected by the drastic fall in crude prices. I am pleased to confirm that our realized gas prices remain stable, as forecasted, putting us in a very strong position for the year ahead,” Grewal said.