China National Offshore, Altona Agree to Coal-to-Liquids Study
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China National Offshore Oil Corp., that country’s largest offshore oil explorer, and Altona Energy Plc approved a A$40 million ($39 million) program to evaluate a coal-to-liquids project in South Australia.
Units of the two companies are due to start the feasibility study into the Arckaringa venture in the fourth quarter of this year, Altona said in a statement today. The first stage is likely to last 12 months. London-based Altona estimates it has a 7.8 billion metric ton coal resource at the Arckaringa Basin, about 800 kilometers (500 miles) north west of Adelaide.