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CPC Corporation Obtains 49% Working Interest in Mining Areas of Somaliland

30 Mar 2022

The CPC Corporation, Taiwan has signed a transfer agreement with Genel Energy (UK) to obtain a 49% of the working interest in the exploration block SL10B/13 in the Republic of Somaliland, on December 15, 2021. Both parties will conduct joint oil and gas exploration. Under the terms of the agreement, CPC will drill a well in 2023 and will use the port at Berbera, which is 150 km from block SL10B/13, linking the port to the international energy market. It is expected that the oil reserves will bring a stable energy supply to Taiwan and that the business development and energy cooperation will strengthen Taiwan’s ties to Africa.