Taiwan to bid to explore for oil in North Peru

June 1st, 2008 - 9:31 am ICT by admin  

Taipei, June 1 (DPA) Taiwan’s state oil company CPC plans to submit tender to explore for oil in North Peru, the Central News Agency (CNA) said Saturday. Taiwan’s representative to Peru Huang Lien-sheng said Peru’s state oil firm Petroperu would invite tenders Sep 10 for 17 blocks in North Peru which may have oil reserves, according to the report.

The Chinese Petroleum Corp (CPC) has inspected the blocks and in April CPC President Chen Pao-lang visited Peru and met with Petroperu president Daniel Saba to discuss drilling for oil in North Peru, Huang said.

“CPC thinks there is potential of striking oil in North Peru and CPC has 30 years’ experience in drilling for oil overseas, so it wants to submit tender,” CNA quoted Huang as saying.

The CPC imports 200 million barrels of crude each year, half of which comes from the Middle East. It has been drilling for oil in several countries in the past 30 years to diversify its source of oil imports.

According to a CPC report, out of all the oil fields CPC has explored, 39 oil fields proved to have no oil and five oil fields -in Ecuador, Indonesia, the United Arab Emirates and Venezuela - have produced oil or shown the potential of producing oil.

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