Page 13 - 2025 CPC Corporation,Taiwan

Committed to offshore E&P and carbon sequestration Starting on December 18, 2012, CPC worked with Husky Energy International Corporation to explore oil and gas potential in the deep-water area of the Tainan Basin. The fundamental acquisition, processing, and interpretation of 2D and 3D seismic survey data was completed until 2021. From 2022 to 2024, geological studies and a comprehensive oil and gas assessment were conducted, / Core Business confirming the area's hydrocarbon potential. Starting in 2025, a new 3D seismic survey will be carried out in the southern part of the region. Following the government’s Net-Zero emissions policy, CPC is assessing potential sites for carbon sequestration in several basins off the west coast of Taiwan, and Taishi Basin tops the list. The preliminary site characterization in Taishi Basin has been completed, and further appraisal programs, such as 3D seismic survey and drilling, will be conducted to update the subsurface data and risk evaluation. These data can improve the feasibility study and development concept. The initial goal is to establish a multi-million-ton scale offshore carbon storage site, catering not only to CPC’s requirements but also accommodating other companies in Taiwan. Global partnerships and expanding self-owned energy sources In 2024, CPC was engaged in oil and gas exploration and production joint ventures with international oil companies, participating in 16 projects in eight countries. Annual production including 6.75 million barrels of crude oil, 586 million cubic meters of natural gas and 153 thousand barrels of LPG were allocated to CPC. The oil and gas were from the producing fields in United States, Ecuador, Niger, Australia and Chad. Significant milestones include: The Agadem Block in Niger began exporting crude oil in March 2024. 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. Besides the development and production projects stated above, CPC continues to seek exploration and prospecting opportunities for oil and gas. In 2024, CPC acquired a 2.625% working interest in Australia’s AC/RL7 block, with closing in the first half of 2025. 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 over NT$170 billion in upstream business. Looking to the future, and in line with global energy trends, CPC will actively enhance the value of existing assets. Mergers and acquisitions (M&A) activity will be focused 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 storage. The goal is to become an international oil and gas company with high value-added assets. 11