Fri, Jan 16, 2009 - Page 12 News List

CPC Corp, Taiwan acquires rights to search for oil, gas in waters off Belize

BLOOMBERG

CPC Corp, Taiwan (CPC, 鷋婼齌蕫) has acquired the rights to search for oil and gas in waters off Belize, one of the 23 countries that maintain diplomatic ties with Taiwan.

The state-owned refiner signed a contract with the Belize government for a 100 percent interest in a 4,800km昌 offshore block, CPC said in a statement on its Web site yesterday, without disclosing financial details.

The company, which has investments in Africa, Southeast Asia, the US, Australia and Latin America, is seeking to cut crude import costs by acquiring overseas oil assets, the statement said.

Belize, faced with high foreign debt, is eager to sell stakes in its oil fields to boost the government*s revenue.

CPC last month bought a 30 percent share in a Kenyan exploration block from China National Offshore Oil Corp (齌?蕫), the parent of Hong Kong-listed Cnooc Ltd.

Bordering Mexico and Guatemala, Belize produced an estimated 3,000 barrels of oil a day in 2007 and has 6.7 billion barrels of proven reserves, the CIA World Factbook said.

By comparison, Venezuela produced 2.6 million barrels daily in 2007, the BP Statistical Review said.

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