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Thai coal miner Banpu invests $210 million in shale asset in Pennsylvania
October 9, 2017 / 9:31 AM / a month ago

Thai coal miner Banpu invests $210 million in shale asset in Pennsylvania

BANGKOK (Reuters) - Thai coal miner Banpu Pcl said on Monday it has signed an agreement to acquire a controlling interest in a shale gas block in the United States in a deal valued at $210 million.

The investment will allow Banpu to take a nearly 80 percent interest in 112 wells in Marcellus shale in northeast Pennsylvania, giving it access to 32,350 net acres in the area with proven reserves of 414 billion cubic feet of gas, the company said in a statement.

It would increase the company’s net production interest of about 100 million cubic feet per day, chief executive Somruedee Chaimongkol said in the statement.

The investment is Banpu’s fifth in U.S. shale gas as the company expands beyond its coal interests. Last month, it said it was buying a 25.7 percent stake in Singaporean green energy firm Sunseap Group Pte Ltd for $55.7 million.

Reporting by Chayut Setboonsarng; Editing by Manolo Serapio Jr.

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