CPC, Huskey to Explore for Gas Offshore Taiwan

Taiwan's CPC Corp. and Canada’s Husky Energy will jointly explore for natural gas in a deepwater basin offshore southwestern Taiwan, a CPC official told Dow Jones Newswires Tuesday.

A geological survey of the region will begin soon after the two companies sign an agreement later Tuesday in Taipei.

CPC 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, Dow Jones said.

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 Ltd.

It is also developing natural gas fields offshore Indonesia with Cnooc and Samudra Energy Ltd.