Page 13 - CPC 2018 Annual Report

In a new development, certain areas that have geothermal energy potential are being assessed while discussions with Taipower on cooperation in geothermal exploration as well as power generation are now in progress.
TAIWAN’S OFFSHORE SEARCH: ONGOING ASSESSMENT
CPC is cooperating with Husky Energy of Canada in the exploration of deep-water blocks in the Tainan Basin; this arrangement allows CPC to both acquire deep-water exploration technology and to mitigate its risk. Husky has completed the 3D seismic survey and will continue its explanation of the data processing results as well as those of the evaluation of the geophysical data; on that will be based the decision as to whether or not enter the next phase of exploration.
EXPLORATION IN THE TAIWAN STRAIT AND EAST / SOUTH CHINA SEA
CPC has completed its drilling program in the Taichao contract block and has decided to abandon the well as electronic logging showed no trace of oil or gas. Any future cooperative strategy for this contract area will depend on the results of further exploratory drilling.
CPC has also started 2D seismic surveys and data processing after signing a contract with China National Offshore Oil Corporation (CNOOC) and France’s TOTAL for joint exploration in the Taiwan Strait’s deep-water area.
OVERSEAS EXPLORATION AND PRODUCTION: FURTHER DEVELOPMENT
By the end of 2017, CPC was engaged with international oil companies in joint exploration of 17 fields in 7 countries, involving the operation of 1,000 producing wells. In the same period, the yield obtained by CPC as its share of the output of 13 producing fields in Ecuador, Indonesia, Niger and the USA amounted to just over 4.5
266
UPSTREAM OPERATIONS 11
TAIWAN’S ONSHORE OIL & GAS: CONTINUING CONTRIBUTION
In 2017 CPC completed a 2D seismic survey of the Pingtung Plain, covering an area of 113 sq. km in the northern section while geological surveys and reconditioning of two wells extended over 70 sq. km elsewhere. Production from 27 wells in southern and southwest Taiwan yielded 266 million cubic meters of natural gas and 5,407 kiloliters of condensate.
2017
cubic meters
5,407
Natural gas production
Million
Condensate production
million barrels of crude oil and 137 million cubic meters of natural gas. This output consisted of both conventional and tight oil and gas: lifting those large volumes of high-quality hydrocarbons entailed the deployment of ultra-low pressure enhanced oil recovery (EOR) methods and similar technologies.
In Chad, where CPC is the operator of three oilfields, 2017 saw the company acquire the license to formally enter into the development and production phase. The program is being accelerated in order to activate production by end-2019 and so achieve the twin goals of boosting the company’s self-controlled oil and natural gas resources as well as making Taiwan’s energy supply still more stable.
kiloliters