CPC to team up with Husky for deepwater gas search in South China sea

12/18/2012

CPC to team up with Husky for deepwater gas search in South China sea

BY JENNY W HSU

TAIPEI -- CPC and Husky Energy will jointly explore for natural gas in a deepwater basin offshore southwestern Taiwan, a CPC official told Dow Jones Newswires.

A geological survey of the region will begin soon after the two companies sign an agreement later in Taipei. The Taiwanese company will retain the right to participate in any field development with a 50% working interest, if hydrocarbon reserves of a commercially viable scale are found.

Husky is active in exploring and producing from the deepwater regions of the Asia Pacific. In South China Sea, it holds a 40% working interest in the producing Wencheng oil field, about 400 km southwest of Hong Kong, and is developing three natural gas fields collectively called the Liwan gas project, 300 km southeast of Hong Kong, jointly with Cnooc. It is also developing natural gas fields offshore Indonesia with Cnooc and Samudra Energy.

Taiwan, with virtually no natural resources, imports more than 95% of its energy needs, shipping in 14-15 Bcm of LNG annually, mostly from Qatar, Indonesia and Malaysia.

Dow Jones Newswires

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