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| Upstream Operations |
For many years CPC has engaged in cooperative exploration with governments, state-owned petroleum companies, and large international oil companies under the name of the Overseas Petroleum and Investment Corp. (OPIC), spreading its operations throughout the Americas, the Asia-Pacific region, and Africa.
With the fluctuations in international oil prices in recent years, CPC has worked strenuously toward the development of upstream exploration in order to secure its own oil sources and enhance its overall performance; and, in line with the government's policy of "deepening the energy supply safety mechanism and promoting international energy cooperation," has constantly engaged in international cooperation in exploration and development in the hope of discovering new reserves of oil and natural gas. At the end of 2011, CPC engaged in cooperative exploration in 21 fields in seven countries together with international oil companies, including Block 16 and 17 in Ecuador; Sanga Sanga, Bulungan, Amborip VI, and Sanga Sanga coal bed methane (CBM) in Indonesia; Gulf of Paria East and Gulf of Paria West in Venezuela (negotiations are in progress in regard to confiscated prospects); Block AC/P21 and NT/P76 in Australia; Caviar, Manahuilla, Estrella , Garden City Field, and Hurricane Creek (Big Horn, Shorts Creek, Danub Yellowstone) Blocks in the United States; the Murzuq 162 Block in Libya; and the BCO III/BCS 11/BLT I Blocks in Chad. Following company approval, a trading contract was signed with CNPC for the Agadem block in Niger and has been submitted to the Executive Yuan for approval. CPC Corp. uses the opportunities that come with LNG procurement to negotiate purchase prices and contracts with Inpex, Shell, and other companies, and is seeking opportunities for upstream acquisitions in Australian natural gas fields. The Haute-MerA deepwater block participation case in Congo has been submitted to the Board of Directors for approval.
Blocks 16 and 17 in Ecuador; Sanga Sanga in Indonesia; and Caviar, Manahuilla, Garden City Field, Big Horn, Shorts Creek, Danube, Yellowstone, and S. Bancroft in the U.S. are producing blocks. Because of the turbulence in Libya, CPC Corp., which acts as operator there, withdrew its Libyan branch personnel to Taiwan on Feb. 26, 2011 and will return to continue work there when conditions in that country stabilize. The Benoy-1 well in Chad was successful and drilling of a second well in that country, Karin-1, commenced on Dec. 16, 2011 with the aim of determining the scope of oil and gas reserves there.
In Ecuador, operations in Block 16 include 156 producing wells as well as the completion of 72 workover wells and 14 development wells, and Block 17 operations include 28 producing wells along with the completion of 14 workover wells and four development wells. Operations at the Sanga Sanga Block in Indonesia include 655 producing wells and the completion of 43 development wells. In all CPC Corp. was allocated 6.49 million barrels of crude oil and 391 million cubic meters of natural gas from its operations in Ecuador, Indonesia, and the U.S. in 2011.
On land in Taiwan, in 2011 CPC completed 591.37 kilometers of seismic testing and 99 square kilometers of geological surveys, and drilled 2 wells. There are currently 48 natural gas wells in the Tiezhenshan, Qingcaohu, Jinshui, Chuhuangkeng, and Guantian fields, producing a total of 424 million cubic meters of natural gas and 11,300 kiloliters of condensate.
In offshore operations in Taiwan, the Executive Yuan approved resumption and revision of the investment project for the development of the F Structure field off Kaohsiung at the end of May 2010, and project management and bid tendering operations are under way.
In the field of sea exploration and cross-straits cooperation, CPC Corp. plans to diversify exploration risk and bring in deep-sea exploration technology by cooperating with prominent international oil companies to explore deep-sea blocks in the Tainan Basin. Data on 3,300 kilometers of two-dimensional seismic surveys have been processed under the Tainan-Chaoshan Petroleum Contract, along with the reprocessing of data on 800 kilometers of old seismic surveys, and
comprehensive interpretation and contract awarding operations are under way.
In the field of sea exploration and cross-straits cooperation, CPC Corp. plans to diversify exploration risk and bring in deep-sea exploration technology by cooperating with prominent international oil companies to explore deep-sea blocks in the Tainan Basin. Data on 3,300 kilometers of two-dimensional seismic surveys have been processed under the Tainan-Chaoshan Petroleum Contract, along with the reprocessing of data on 800 kilometers of old seismic surveys, and comprehensive interpretation and contract awarding operations are under way.
In its future strategic deployment, CPC will seek to create a more promising situation in overseas exploration and production by heightening the value of its existing overseas oil and gas field assets and establishing core areas with high rates of growth, participating actively in bidding for open blocks, seeking opportunities to take over fields from large oil companies, and pursuing opportunities for M&As in new oil and gas fields so as to add more to our company ¡¦s reserves.
Cpc ¡¦s Overseas Cooperative Exploration Fields
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