CPC Corp Awaits Indonesia's OK On Stakes In 2 New Blocks
March 13 2009 - 12:36AM
Dow Jones News
Taiwan government-owned refiner CPC Corp. is awaiting regulatory
approval for stakes it acquired in two Indonesia offshore
exploration blocks late last year, deputy chief executive of CPC's
exploration and production business division John Hsu said
Friday.
"We signed the agreement in December, but we're still waiting
for approval from (Indonesia's upstream oil and gas regulating
body) BPMigas," said Hsu.
CPC got a 24.5% stake in a block in the Arafura Sea operated by
Houston, Texas-based ConocoPhillips (COP) and a 20% stake in a
block offshore Kalimantan operated by Italy's Eni SpA (E), said
Hsu.
CPC is exploring for oil and gas in Australia, the U.S., Chad
and Libya, and produces oil in Ecuador and Indonesia. It aims to
raise its crude oil self-sufficiency ratio to 10% in five years
from just under 3% now.
CPC also produces around 400 million cubic meters of natural gas
onshore Taiwan, about 4% of the island's annual consumption.
CPC plans to boost this year's exploration and production budget
by half to NT$4.93 billion (US$143 million) from 2008, with most of
it destined for overseas projects.
-By Alex Pevzner, Dow Jones Newswires; 8862-2502-2557;
alex.pevzner@dowjones.com