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Newspaper says Taiwan, China to resume oil search

Taiwan and China will resume joint exploration for oil in the Taiwan Strait as president-elect Ma Ying-jeou (馬英九) seeks to fully open trade with China, the Liberty Times (the Taipei Times sister newspaper) reported yesterday.

The Tai Chao Project — which began in August 2005 but has been halted for several years due to soured ties — will be restarted next month after Ma takes office, the report said.

The project between Taiwan's state-run Chinese Petroleum Corp (CPC) and China National Offshore Oil Corp (CNOOC) is to drill for oil in the Taiwan Strait.

The companies drilled a test well but the result was not satisfactory and the cooperation soon ended.

Now the two sides plan to drill a second test well, the paper quoted CPC Chairman Pan Wen-yen (潘文炎) as saying.

Pan led a CPC delegation to China last Monday to called on CNOOC and two other Chinese petrochemical corporations to discuss renewing cooperation in drilling for oil in the Taiwan Strait.
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