The island’s limited hydrocarbon resources have led its only upstream player, CPC Corporation, to target opportunities elsewhere, with hopes that its overseas oil and gas production will account for 10% of Taiwan’s total output — an increase from the current level of about 1%.
The overseas buying spree has raised CPC’s foreign mergers and acquisitions expenditure to about NT$30 billion (US$1 billion) per annum, which is in addition to the NT$5 billion spent on overseas and domestic E&P each year.
CPC’s
