Taiwan`s CPC to spend US$482 mln on oil/gas exploration

Taipei (ANTARA News/Asia Pulse) - The state-owned oil company CPC Corporation Taiwan will invest at least NT$16 billion (US$482.66 million) in overseas oil and gas exploration during the next five years, said company chairman Pan Wenent.

An oil company's domain was incomplete without exploration, Pan said, adding that the CPC's objective was to become an international energy conglomerate with businesses including exploration, oil and gas sales and petrochemistry.

CPC now operates at nine foreign oil and gas fields in six countries, including Ecuador, Indonesia, Venezuela, Australia, Chad and the United States. It also won the bid for a Libyan field last year.