TAIPEI - CPC Corp., Taiwan's sole liquefied natural gas importer, said Thursday that it has agreed to acquire 30% of the rights to an onshore gas block in Myanmar from China Petrochemical Corp., also known as Sinopec Group.
CPC said in a statement that the block, Block D, is in central Myanmar. Three out of six exploratory wells drilled there have already found gas potential, it said.
The statement didn't say how much the transaction cost.
CPC has been looking to secure more oil and gas sources outside Taiwan, as the island is highly dependent on imports to power its economy. As of the end of 2012, Taiwan was generating 30% of its electricity with natural gas, second only to coal generation. Taiwan imports almost all its natural-gas needs.
CPC has in the past teamed up with Chinese partners such as Cnooc Ltd. in its pursuit of overseas energy sources in order to increase its chances of securing such assets.
Copyright (c) 2012 Dow Jones & Company, Inc.
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