Page 14 - 2024 CPC Corporation,Taiwan

International collaboration: seven new oil and gas blocks
In 2023, CPC was engaged in oil and gas exploration and production joint ventures with international oil companies, participating in 17 projects in nine countries. Annual production, including 4.05 million barrels of crude oil, 526 million cubic meters of natural gas, and 86,400 barrels of LPG, were allocated to CPC. The oil and gas were from the producing fields in United States of America, Ecuador, Niger, Australia and Chad.
Significant milestones: The Ichthys Project in Australia has continued with the Phase 2 development plan and maintains stable production with good profitability; the Prelude Project in Australia continued its LNG production, serving Taiwan’s domestic market; the Oryx Field in Chad, Guardfish Project in United States and Block 17 in Ecuador, have consistently maintained a stable oil production level; and the main surface facilities of Agadem block in Niger were completed but the crude oil export was postponed due to the coup by the Niger’s military in July, 2023.
Besides the development and production projects stated above, CPC continues to seek exploration and prospecting opportunities for oil and gas. 2023 was a prosperous year. CPC completed deals and acquired the participating interest of seven new blocks, including Block 15 in Mexico, and the WA-533-P and Bedout Project (five blocks) in Australia.
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 grossed over NT$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 be the focus on exploration blocks with low risk and assets with potential to increase self-owned reserves. CPC is also venturing into renewable energy, developing geothermal power while preparing carbon storage. The goal is to become an international oil and gas company with high value-added assets.
Natural Gas
526
million cubic meters
Crude Oil
4.05 million barrels
86.4 thousand barrels
LPG
12
2023 CPC’s Overseas E&P Projects
Development/ Exploration Production
Guardfish, U.S
OAI (50%)
Operator: CalNRG (50%)
B15, Mexico
Opicoil Mexico (30%) Operator: TotalEnergies (35%) QatarEnergy (35%)
Block 17, Ecuador
OPIC (30%)
Operator: PetroOriental (70%)
Pirity, Paraguay
OPIC Paraguay (50%)
Operator: President Energy (47.5%) LCH S.A. (2.5%)
(Note: CPC terminated the Joint Operating Agreement (JOA) for this mining area on 31 May 2024.)