CNOOC, Taiwan CPC to Drill Exploration Wells in Sept

TAIPEI (Dow Jones Newswires), Aug. 3, 2009

Taiwan's government-owned refiner CPC Corp. and China's Cnooc Ltd. will drill in mid-September the second well in their joint venture Tainan Basin, in the Taiwan Strait, CPC President Chu Shao-hua said Saturday. "We have a total of five wells to drill this year," Chu said.

On Dec. 26, CPC and Cnooc signed a letter of intent to expand exploration and production in the Taiwan Strait and overseas, and to cooperate in natural gas development, refining and refined oil products trade.

Cnooc, the listed unit of China National Offshore Oil Corp. and China's largest offshore oil and gas producer by capacity, also agreed to sell to CPC a 30% stake in its No. 9 exploration block in Kenya.

Drilling in Cnooc's Block No. 9 in Kenya will take place in August or September, Chu said. CPC will drill two wells in Libya in November-December, where it has 100% rights on the Murzuq 162 block, and also start next week drilling for gas in Miaoli, northwestern Taiwan, he said.

CPC is exploring for oil and gas in Australia, U.S., Chad and Libya, and produces oil in Ecuador and Indonesia.  

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