Page 14 - 2022 CPC Corporation,Taiwan

Upstream Operations 5 CPC’s overseas E&P Projects 1 5.4824 million barrels LPG natural gas 507 4 million cubic meters crudeoil 2 3 114.5 thousand barrels Overseas cooperation: Two new mining concessions obtained 9 In 2021, CPC was engaged in oil and gas exploration and production joint-ventures with international oil companies, participating in ten projects in eight countries. According to the proportion of working interest, 5.48 million barrels of crude oil, 507 million cubic meters of natural gas and 114.5 thousand barrels of LPG were allocated to CPC. The oil and gas were from the development and operation of fields in Ecuador, Niger, Australia, and Chad. CPC is continuously making progress toward the goal of increasing domestic sources and the stability of energy supply. Its important achievements in this regard include committing to the Niger development plan with the aim of exporting its crude oil as soon as possible. The Ichthys Project in Australia has continued with the Phase 2 development plan and maintains stable production, which has promising prospects. The Prelude Project in Australia has reached a record high of LNG production in November 2021. The Chad block, which CPC has operated since 2006, entered the production stage in February 2020. The first cargo of crude oil produced from the Oryx Field arrived in Taiwan at the end of November 2020. The Oryx Field produced crude oil stably and two more cargoes were shipped back to Taiwan in 2021. Two new mining concessions were obtained in 2021, namely, Pirity in Paraguay and SL10B/13 in Somaliland, both with oil and gas potential. CPC’s upstream business was launched in 1959. Today, it comprises exploration and production in both onshore and offshore oil and gas fields, both in Taiwan and overseas. To date, CPC has yielded a value of over TWD179 billion in upstream business. Looking to the future, CPC will actively enhance the value of producing asset and plans M&A activities that is focused on exploration and raising its level of ownership over core oil and gas reserves. CPC will endeavor to acquire assets with appreciable upside potential, and 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 become a player in the green energy industries, aiming to become one of the world’s valuable international oil and gas exploration and production business entities.