Research On China's CBM Industry Development Evaluation And Approach

Energy security in21century is very important for economic stability and sustainabledevelopment of the world. From the point of view of energy security, developing Chinesecoal-bed methane (CBM) industry is of great practical significance. At the same time,developing Chinese CBM industry also has economic, political and legal feasibility, andthe prospect of CBM industry is very good.Chinese CBM industry has entered into the initial stage of industrial growth, but theoverall speed of industry development is slow, and the industry still face a series ofdifficulties and problems which have already restricted the development of Chinese CBMindustry. The results of Analytic Hierarchy Process show that in Chinese CBM industrydevelopment evaluation indexs, except for recoverable resources, the weight of economicbenefits, international cooperation, operating capital and government regulation isrelatively bigger, and they are weak links of the development process of Chinese CBMindustry which need to be improved for their shortages. This paper presented ways inefficient joint mining, international cooperation, investment and regulation as thedevelopment ways of Chinese CBM industry, for the four major affecting factors that areheavily weighted.Research shows that, unconventional natural gas resources including CBM,compacted sandstone gas, and shale gas have genetic relationships and symbiosischaracteristics. It determines the possibility of joint exploration of these unconventionalnatural gas resources that CBM, compacted sandstone gas, and shale gas deposit richly incoal formation, and so as to improve economic benefits of development and utilization ofCBM.Research shows that, CBM industry is a technology intensive industry, the progress ofscience and technology has penetrated into exploration, production, gathering andtransportation, utilization, etc. The advance of CBM technology of United States and othercountries determine that China should improve our own development level throughinternational cooperation in recent years, so as to promote the growth and development ofCBM industry. Research shows that, exploration and development of CBM can be divided into threestages, and they are CBM survey, CBM exploration and CBM operation. The biggestcharacteristic of financing in CBM survey stage is high financing risk, small capitaldemand, high rate of return from success, so the financing ways that it can choose arerelatively rare, and the main choice should be finance financing; CBM exploration stage isthe stage whose demand for funds is the largest, and its risk degree is relatively low, andreturn rate of capital also declined, so the financing ways that it can choose are more, andproject financing is the best; The risk of CBM operation stage is relatively the lowest, soits financing channels are more widely than the first two stages, including securitiesfinancing, international financing, etc.Research shows that, CBM industry is a natural monopoly, which led to the practicalneed to be regulated for CBM industry. Aimed at the shortages of Chinese CBM industryregulation in present, this paper puts forward the corresponding countermeasures: toseparate enterprises from government management, to set up an independent regulatoryagencies, to strengthen the price regulation, to improve the legal system, to introducecompetition mechanism, to introduce incentive regulation method and to strengthen theregulation on regulator.