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The Mongolian coalbed methane (CBM) industry is expected to see continued growth in 2024, driven by several factors, including:
Increased domestic demand: Mongolia is a net importer of natural gas, and the government is committed to reducing its reliance on imported energy sources. CBM is seen as a key domestic energy source that can help to meet the country's growing energy needs.
Government support: The Mongolian government is providing financial and technical support to the CBM industry. This includes tax incentives, subsidies, and funding for research and development.
Technological advancements: The CBM industry is benefiting from technological advancements that are making it more efficient and cost-effective to extract CBM.
As a result of these factors, the Mongolian CBM industry is expected to further grow during 2024. This growth will create new jobs and opportunities for Mongolians.
With a country this intent on establishing its energy independence, it is no wonder that we at Excelsior Energy are looking forward to seeing what 2024 has in store for the industry and us.