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CPC sends out China feelers



By Upstream staff 

Taiwan's state-run Chinese Petroleum Corporation (CPC) is seeking greater co-operation with Chinese oil players, including China National Offshore Oil Corporation (CNOOC), it was reported today.

CPC is interested in joining CNOOC, China's leading offshore oil producer, in any plans to explore the East China Sea, CPC's vice president HC Chang told an energy roundtable with CNOOC officials at a conference in Taipei today.

"In the current stage of co-operation for cross-Taiwan Strait oil and gas market, there are comparatively more opportunities for co-operative investment in exploration between CPC and Chinese oil companies," Reuters quoted him as saying.

Taiwan and China have been political rivals since the end of a civil war in the mainland in 1949. Beijing claims ownership of Taiwan, an island of 23 million people, and has built up its military base to discourage moves towards independence.

However, the two state-run companies on each side have managed to set aside political differences in an effort to further develop energy resources.

In 2002, CPC and CNOOC signed a landmark pact to invest $25 million over four years to search for oil and gas in the Taiwan Strait.


Monday, 06 June, 2005, 10:00 GMT  | last updated: Monday, 06 June, 2005, 10:00 GMT

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