Jade Gas Secures A$1.1bn Funding for Red Lake Coal Bed Methane Project in Mongolia
Jade Gas has signed a non-binding collaboration with PT Beijing Energy Linking to fund A$1.1 billion for Phase 1 of the Red Lake coal bed methane project in Mongolia. The funding will cover drilling of 175 wells and a scalable LNG liquefaction facility, enhancing energy security in the Asia Pacific region.
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Jade Gas has executed a non-binding collaboration agreement with PT Beijing Energy Linking (PTBEL) and its partners to secure A$1.1 billion for Phase 1 of the Red Lake coal bed methane project in Mongolia. This phase includes drilling 175 wells, amounting to 30% of planned drilling across the 60 km development area.
PTBEL will provide up to ten drilling rigs, with operations expected to begin in February or March 2027. The consortium will also fund infrastructure improvements and a A$215 million LNG liquefaction facility to monetize 40 wells.
Jade Gas retains ownership, with a revenue-sharing mechanism in place. The project aims to enhance energy security in the region while Jade Gas has also secured A$11 million for working capital and operational support.
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