CPC obtains 23.5% working rights in Agadem block in Niger from CNODC

8/26/2013

CPC obtains 23.5% working rights in Agadem block in Niger from CNODC

BY FANNY LIU AND ARIES POON

TAIPEI -- CPC said it has acquired rights from a unit of PetroChina to explore, develop and produce crude oil from Agadem fields in Niger.

CPC acquired 23.5% exploration rights and 20% development and production rights to the Agadem fields, which are currently producing 19,000 bbl of crude oil, CPC said in a statement.

The statement didn't say how much China National Oil & Gas Exploration & Development Corp., the PetroChina unit, will own in the Agadem fields after the deal.

The Taiwanese refiner will also set up a joint venture with the PetroChina unit and Niger government to explore hydrocarbon reserves in the Agadem fields, it said.

Dow Jones Newswires

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