Greka to Invest 6 Billion RMB on CBM development
9 May 2012 – Greka Drilling has announced that the company is planning on investing 6 billion RMB (roughly 950 million USD) to Jincheng with regards to CBM (coalbed methane) exploration, drilling, and usage in the 12th Five-Year plan.
Greka has been an industry leader in the development of CBM acquisition technology, with advancements such as LiFaBriC drilling specifically designed to handle the tough Chinese geological structure. The company has been providing its technological know-how and expertise to the CBM efforts in China since 2003 and has announced that 25 advanced drilling rigs are being built in order to explore and capture CBM in the Zhizhuang South block of Qinshui County.
With the Chinese central government emphasizing on the importance of energy independence as well as the shift from dirty fossil fuels such as coal to cleaner burning fuels like CBM, Greka’s investment—both monetarily as well as in materiel will prove to be instrumental.
Greka’s advanced drilling technique, unlike most western drilling companies, does not rely on fracking (hydraulic fracturing of the coal bed in order to access the gas deposits). This in turn is beneficial for the environment as it does not pollute clean water supplies nor does it cause undesirable erosion of the land. With the investment of 6 billion RMB in Jincheng, Randeep Grewal—president and CEO of Greka Drilling—is confident that the investment will greatly accelerate the utilization of natural gas in Jincheng, and eventually all of China.Read more