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Taiwan oil firm to drill in Libya
Published in Saudi Press Agency on 21 - 12 - 2006

Taiwan's state-run Chinese Petroleum Corp (CPC), in
a bid to diversify its oil sources, has won the right to drill for
oil in Libya, DPA QUOTED the company's sources as saying on Thursday.
CPC has won the bid to explore for oil in Block Murzuq 162 and
expects to sign the contract in January with Libya's National Oil
Corp (NOC), CPC said in a statement.
CPC will set up a branch company in Libya - Overseas
Petroleum and Investment Corp (OPIC) - to be in charge of oil
exploration in the country and will hire consultants to draft
contracts, the statement said.
On September 16, isolated Libya invited tenders for oil
exploration in 41 blocks, considered Africa's largest petroleum
reserves.
CPC submitted bids for two blocks but won the rights to drill at
Block Murzuq 162, an inland block, 4,300 square kilometres, estimated
to contain 500 million barrels of oil.
The exploration and contract fee for each block is 4.2 million-5.2
million US dollars. CPC will invest 39 million US dollars in the next
three years to conduct seismic surveys drill three test wells.
Libya has become a new destination as Taipei-Tripoli ties have
warmed
since
Libyan leader Moamar Gaddafi's son Saif Gaddafi visited Taiwan
in January to launch unofficial ties with Taipei. In May, President
Chen Shui-bian made a secret visit to Libya and reportedly met with
the senior Gaddafi to discuss cooperation in the absence of formal
ties.
Taiwan, an island with few natural resources, relies on imports
for 98 per cent of its energy needs. CPC has signed long-term
contracts to buy oil from abroad and is also exploring for oil in
many countries to diversify its supply.


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