Page 14 - 2023 CPC Corporation,Taiwan
P. 14
12
Upstream Operations
2022 CPC’s overseas E&P Projects
natural gas
441
million cubic meters crude oil
ongoing
1
2
9
5.68 8 countries million barrels
LPG
59.2
thousand barrels
3 10 producing
International collaboration: two new oil and gas concessions
In 2022, CPC was engaged in oil and gas exploration and production joint ventures with international oil companies, participating in ten projects in eight countries. Annual production, including 5.68 million barrels of crude oil, 441 million cubic meters of natural gas and 59.2 thousand barrels of LPG, were allocated to CPC. and Chad.
Significant milestones include: Large-scale extraction at the Niger oil fields, aiming for crude oil export soon; the Ichthys Project in Australia, which has continued with the Phase 2 development plan and maintains stable production with good profitability; the Prelude Project in Australia continued its sound LNG production, serving Taiwan's domestic market; the Oryx Field in Chad has consistently maintained in June; and the Service Contract of the Block 16 in Ecuador expired on December 31, and relevant facilities were returned to the local government.
Besides the development and production projects stated above, CPC continues to seek exploration and prospecting opportunities for oil and gas. In 2022, CPC completed the contract signing for two new concessions, awaiting approval of local governments.
CPC’s upstream business was launched in 1959. Today, it comprises exploration
overseas. To date, CPC has yielded over NTD$ 200 billion in upstream business. Looking to the future, CPC will actively enhance the value of existing assets. Merger and acquisition (M&A) activities will focus on exploration blocks with low risk and assets with potential to increase self-owned reserves. CPC also ventures into renewable energy, developing geothermal power while preparing for carbon capture and storage (CCS). The goal is to become an international oil and gas company with high value-added assets.
