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CPC of Taiwan Signs Oil Exploring Deal With Libya
09-03-2007
Taiwan's Chinese Petroleum Corp. (CPC) and the Libyan National Oil Co. (NOC) have signed a production-sharing and exploration agreement to tap a Libyan oilfield.
A deal was signed between the two sides in Libya, with CPC Chairman Pan Wen-yen representing Taiwan. CPC officials said the agreement will help Taiwan develop inroads for oil exploration in North Africa.
CPC won a bid to explore the Murzuq 162 oilfield in southern Libya last December, and the company would invest US$34 million over the next three years to drill three exploratory wells and conduct exploration. The field coul
Under the deal, if no oil is found in five years, CPC will have to forfeit exploration rights of the oil field; but if oil is found, then development and production will continue for 25 years.
After years of being regarded as an international pariah, Libya re-entered the global community when it renounced its program to develop weapons of mass destruction. Since then, oil companies from around the world have flooded the country to claim a stake in its vast reserves.
It is reported that Libya had total proven oil reserves of 39 billion barrels at the end of 2005, but exact numbers are unknown as much of the country remains unexplored.