Page 12 - 2022 CPC Corporation,Taiwan

Upstream Operations Launching cooperation Entering the green energy field Exploration and Production Taiwan has limited indigenous energy resources; therefore, it depends on imports for most of its fossil fuel needs. As a result, CPC has cooperated with the government’s “furthering energy supply security mechanism and forging international energy cooperation” policy. CPC is dedicated to the improvement of its performance in new energy development, the expansion of upstream operations and the increase of overseas production, to stabilize the supply of crude oil and natural gas to the domestic market and alleviate the impact brought by oil price fluctuation. In order to improve overall strategic planning, and on the basis of active expansion and focus, CPC has adopted exploration and production strategies which aim to expand overseas operations and exploiting domestic operations, simultaneously undertaking mergers and acquisitions and exploration and production, as well as the training of talent for new breakthroughs, in the hope of gradually increasing the ratio of self-owned energy reserves within its full sourcing range. The development of geothermal energy in line with policy Currently, the CPC’s onshore producing oil and gas wells are located in and around Mt. Tiezhen, Jinshui, and Guantian. In 2021, they yielded 110 million cubic meters of natural gas and 5,763 kiloliters of condensate. In 2021,