CNOOC, Taiwan CPC to drill 2nd well in Taiwan Straits

China National Offshore Oil Corp. (CNOOC), mainland's largest offshore explorer, and Chinese Petroleum Corp. (CPC), Taiwan plan to drill a second well in the Tainan Basin of the Taiwan Straits in mid-September to explore for crude oil and natural gas.

Chu Shao-hua, president of CPC, said they plan to drill five wells this year.

CNOOC and CPC began cooperating as early as 1994.

On Dec. 26 last year, the two companies signed cooperation agreements to jointly explore the Tainan Basin in the Taiwan Straits and cooperate in natural gas development, oil refining and trade in refined oil products.

CPC, based in Taipei, is a fully integrated oil and gas company with about 15,000 employees. Presently, CPC explores for crude oil and natural gas in Australia, the US, Chad and Libya, and produces crude oil in Ecuador and Indonesia.
 

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