Tue, Nov 21, 2006 - Page 12 News List

CPC's general manager visits Libya

CNA , TAIPEI

State-run Chinese Petroleum Corp (CPC, 中油) General Manager Chen Bao-lang (陳寶郎) made a visit to Libya recently to explore crude oil exploration and investment opportunities in the North African country, a CPC official said yesterday.

Noting that the international community has lifted economic sanctions against Libya over the past few years and that Taiwan maintains good relations with Libya, the official said CPC has a keen interest in crude oil exploration there.

The official said CPC is preparing to bid for oil exploration rights in Libya next month in order to secure sufficient and steady oil supplies for consumers.

The official noted that Libya is one of Africa's major oil-producing countries and a member of OPEC, with its daily crude oil production reaching 160,000 barrels.

Since most of the energy consumed domestically is imported, CPC will continue to work hard to secure more oil sources with a view to satisfying domestic consumers needs, the official said.

CPC currently owns and operates four oil fields in Indonesia, Ecuador and Venezuela, where commercial production of crude oil has already begun.

These CPC-contracted or operated oil fields have contributed significantly toward its revenues. Of the company's annual business profits totaling NT$9.599 billion (US$210 million) last year, 33 percent came from its overseas oil exploration operations, the CPC official said.

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