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CPC plans to expand its overseas oil exploration

The Chinese Petroleum Corp (CPC, 中油) said on Saturday that it is planning to participate in three overseas oil exploration projects this year to enhance the company's diversification.

CPC Chairman Kuo Chin-tsai (郭進財) noted that 70 percent of the profits of large foreign oil companies come from successful exploration projects and the CPC has to step up its exploration to reach the goal of having 30 percent of the company's total profits come from new finds.

CPC President Chen Bao-lang (陳寶郎) also said that Taiwan is heavily reliant on imported petroleum and natural gas and that increased exploration can lead to greater energy self-sufficiency. Chen said that this year's exploration budget is around NT$2.8 billion (US$88.88 million), and the company will continue to increase exploration in Tainan and Miaoli, as well as in waters off Tainan.

The company has been participating in exploration in Ecuador, Australia, the Gulf of Mexico and the Middle East with good results.
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