State-run CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it had obtained the rights to explore oil and natural gas reserves in the Republic of Niger, as part of the company’s plan to stabilize oil imports.
The company said in a statement that it had obtained the exploration rights in the Agadem oil fields from China National Oil and Gas Exploration and Development Corp (CNODC, 中國石油天然氣勘探開發), which include 23.53 percent of oil and natural gas exploration rights, 20 percent of production rights and 20 percent of pipeline usage rights.
The company did not disclose the financial terms of the deal.
Three oil fields in Agadem have been explored and they produce up to 19,000 barrels of crude oil a day, CPC said.
While there are more oil fields still unexplored, CPC estimated new oil fields could produce more than 100,000 barrels of crude oil a day in the future.
Under the deal, CNODC, a unit of China National Petroleum Corp (中國石油天然氣), will receive 65 percent of benefits yielded from the development of the Agadem oil fields, CPC will gain 20 percent and Nigerien government will have the remaining 15 percent, according to the statement.