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Chad: Taiwan's CPC discovers new oil and gas reserves in Chad


11 Feb 2011
CPC Corp, Taiwan's state-owned oil company, has found new oil and gas reserves in Chad that could help it generate revenues of up to US$1.6 billion over the next two decades, according to company officials.

The newly discovered reserves potentially have a daily production of 9,800 barrels of high quality light crude oil and 35,000 cubic meters of natural gas, officials said Tuesday. The reserves were found in one of the three wells that the CPC had obtained rights to explore from the Chad government since 2006. The test operation on the well, which lasted from Jan. 27 to Feb. 5 this year, had lead to the discovery - the most successful one in the company's 40 years of overseas exploration.

CPC Chairman Chu Shao-hua said that he hopes the company's self-production rate for crude oil could rise to 10 percent from the current 2 percent in the next 10 years, and its annual revenue could move towards the goal of NT$1.5 trillion (US$52 billion).

CPC's potential output in Chad is far higher than the production of the company's oil field in the United States, which is 200-400 barrels of oil per day, said Paul Chen, vice president of CPC. The potential for oil exploration in the company's Chad oil field is immense, he said.

The state-run oil company currently has an oil production of 20,000 barrels per day, with most of its oil production coming from Ecuador and natural gas production from Indonesia.

Source: Newswires