Page 15 - 2021 CPC Corporation,Taiwan

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LPG
crude oil 5.0183 million barrels natural gas 398 million cubic meters
7.1thousand barrels
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Continuing progress on foreign exploration projects
In 2020, CPC was engaged in oil and gas exploration and production joint-ventures with international energy companies and operated eight projects in six countries. According to the proportion of royalty interest, 5.0183 million barrels of crude oil, 398 million cubic meters of natural gas and 7.1 thousand barrels of LPG were allocated to CPC. The oil and gas are from the development and operation fields in Ecuador, Niger, Australia, and Chad.
CPC has continuously moved toward the goal of increasing domestic sources and stability of energy supply. Its important achievements in this regard include committing to Niger development plan with the aim of exporting its crude oil as soon as possible. The Ichthys project in Australian launched the phase 2 development plan in 2020 and continually keep the stable production, which has bright prospects. The Chad field, which CPC is the operator of certain blocks since 2006, entered into production in February 2020. The first cargo of oil produced from Oryx concession arrived in Taiwan at the end of November 2020.
The fact that Taiwan’s onshore oil and gas reserves could be depleted within 10 years from now drives CPC’s continued engagement in overseas exploration and production as well as M&A activities. CPC has also reset its overseas exploration strategy in line with both the government’s New Southbound Policy and with trends in the international energy industry – which means being active in joint-ventures and/or acquisitions
pertaining to oil and natural gas producing assets in places such as Southeast Asia and the United States and then developing them for commercial production. Exploration for conventional oil and gas is currently focused on America (including California, Paraguay and the Gulf of Mexico), Southeast Asia, Australia and offshore West Africa; for unconventional resources, the focus is on acquiring shale oil and gas assets in the United States, building up relevant technical capabilities and gradually increasing cooperation on unconventional resources with other countries. In all of the aforementioned activities, CPC is working vigorously to deploy its available resources to best advantage, on core overseas target areas that hold out the possibility of discovering oil and gas resources with commercial production value and that will materially raise the degree of self-sufficiency.
CPC’s upstream operations were launched in 1959. Today, it comprises exploration and production in both onshore and offshore oil and gas fields in Taiwan, the Taiwan Strait and overseas. To date, CPC has yielded the value of over NT$200 billion. Looking to the future, CPC actively enhances the asset value of production sites and plans M&A activities that is centered on exploration and raising its level of ownership over core oil and gas reserves. CPC will endeavor to acquire assets with high upside production potential, above all those with low risk by industry standards. In parallel with this, CPC will develop diversity in the company’s scope of business and to be a player in the green energy industries, aiming to be a very valuable international oil and gas exploration production business.
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Upstream Operations