16 Aug 2023
CPC Corporation, Taiwan (“CPC”) has made major progress in the exploration of the oil and gas overseas. After signing the “Sales and Purchase Deed of Bedout Sub-basin” with Carnarvon, Australia as OPIC Australia, a subsidiary of CPC, on February 21, the project has been approved by the Australian government. On August 15, it acquired a 10% interest of the WA-64-L block containing of the Dorado oil field and the four nearby blocks: WA-435-P, WA-436-P, WA-437-P, and WA-438-P.
The oil field is located at the northwest waters of Australia. Upon CPC partaking in the joint venture, the prime goal is to promote the oil field development project. In the early stages, the natural gas co-produced will be re-injected into the underground rock layer to promote the recovery of crude oil. It is estimated that this project will be launched into production in 2028. At peak production levels, the oil field will produce 80 thousand barrels of crude oil per day. An optimized natural gas exploitation project will be proposed in accordance with the oil and gas exploration results to produce natural gas.