The “Twelfth Five-Year Plan” for Coalbed Methane will benefit from leading enterprises

At present, the first draft of the CBM “12th Five-Year Plan” has been completed and submitted for consideration by all parties, and it will be released as soon as July this year.

Subsidy standard or upward adjustment

It is understood that the relevant departments are currently stepping up efforts to formulate the CBM industry policy, which will further clarify the incentives for enterprises to explore and use coal-bed methane fiscal and taxation preferential policies.

As of the end of 2010, China has completed a total of 8.8 billion cubic meters of coalbed methane drainage, with a utilization of 3.6 billion cubic meters. The “Eleventh Five-Year Plan” proposes that the extraction volume should reach 10 billion cubic meters with a utilization of 80 tons. There is a big difference in the "billion cubic meters" target.

“In the past five years, countries like China’s CBM exploration and utilization countries have proposed a policy similar to '0.2 yuan per cubic meter of subsidized mining enterprise’ and 'one per kWh electricity subsidy’ of 0.25 yuan’. However, at present, this subsidy standard still needs to be improve". The Energy Bureau official said. From the situation reflected by related companies, the mining subsidy mentioned 0.4 yuan/cubic meter, and the CBM power generation subsidy raised to 0.35 yuan/kWh is more in line with the requirements of the company.

Leading companies will benefit

Relevant analysts believe that the target for the Twelfth Five-Year Plan for coal-bed methane will be doubled, and related policies for the development of the state's supporting industry will be issued. The CBM exploration companies will be involved in CBM extraction companies such as CNPC (601857), CNOOC and Zhunyou (002207), and The supply of coal bed methane extraction and utilization equipment suppliers such as Keke (600378) and Oil Jichai (000617) bring about positive results.

Coal Gasification (000968) announced on the 14th that Jinmei Group has officially hosted a 51% stake in the company and became the actual controller of the company. As one of the leading companies in the field of coalbed methane extraction in China, Jinmei Coal Group has achieved a total of 1.573 billion cubic meters of coalbed methane drainage in 2010, with a utilization rate of 64.4%. The holding of coal gasification, Shanxi Coal Group will further develop the market for the development and utilization of coalbed methane. Analysts pointed out that Jinmei Group had previously planned for an overall listing, and CBM is one of the main businesses of the company's listing.

PetroChina has also frequently deployed on coalbed methane extraction recently. According to public information, in 2011, CNPC’s coalbed methane production plans will reach 600 million cubic meters, and by the end of the “Twelfth Five-year Plan”, its planned target is 4 billion cubic meters. In the upcoming "Twelfth Five-Year Plan" industry plan, it accounts for nearly one-fifth of the total. Not only that, CNPC is also focusing on the layout of the CBM network. At the end of March, PetroChina Pipeline Bureau and Shanxi International Power Co., Ltd. signed a cooperation framework agreement on coalbed methane pipeline network project in Shanxi Province in Taiyuan, aiming to lay a coalbed methane pipeline network in Shanxi Province, where coalbed methane resources account for more than one-third of the country's total.

Earlier this year, CNOOC acquired 50% of China United Coalbed Methane Company and formally joined the coal mining. It is generally believed that the 27 blocks currently owned by China United Coal and the 50 billion cubic meters of proven CBM resources will lay a solid foundation for CNOOC’s CBM extraction business.

In addition, with the increasing exploitation of various enterprises, some technology and equipment suppliers who are committed to CBM extraction and power generation will benefit from it, such as Tianke Co., Ltd. and Petroleum Jichai in the field of coal bed methane technology equipment. The business is expected to continue to grow.

However, there are risks in CBM exploration and development. At present, there are many companies in the exploration field in China that have caused investment in the early stage due to low mining success rate, which is worthy of investors' caution.

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