CNOOC to Increase Shares in China CBM

BEIJING -- China National Offshore Oil Corporation, the country's largest offshore oil producer, announced Thursday it will increase its shares in China CBM to 70 percent.

CNOOC will buy 20 percent of China CBM's shares from the China National Coal Group Corp, according to an online statement from CNOOC.

China CBM is the country's leading coalbed methane producer.