BEIJING, Dec. 7 (Xinhua) -- Greka Group, a global oil and gas company, is predicting that all its eight coalbed methane blocks in China will be online and profitable by 2020, helping China's efforts to provide a cleaner energy alternative, China Daily reported Friday.
"With all the technology mature and infrastructure ready thanks to the past two decades of devotion, we will see a third block become profitable by next year and we expect all of the companies' eight blocks to be profitable by 2020," the newspaper cited Greka Group Chairman and CEO Randeep S. Grewal.
The company has been working with Chinese partners in coalbed methane drilling and exploration technology over the past two decades, Grewal said.
"We are glad to see one of the blocks cooperating with China National Petroleum Corp, the nation's largest oil and gas producer by domestic annual output, became profitable in 2010, and the other block working with China National Offshore Oil Corporation turned profitable in 2015," he added.
The prospects for coalbed methane in China are bright, as the country is rich in the resources, ranking third in the world after Russia and Canada, Grewal said.
"We strongly believe there is a balance between reversing the environmental damage and keeping industrial economies afloat. Progress is taking place in the right direction and it's just a matter of time," he said.