Taiwan group to invest in Libyan oil exploration

Jan 01, 2007 01:00 AM

Chinese Petroleum Corp (CPC), Taiwan's state run oil company, says it will invest $ 39 mm over the next three years to explore an oilfield located in southern Libya.
"After more than six months of efforts amid fierce competition, CPC has won a bid for exploration in the southern Murzuq 162 oilfield," a CPC spokeswoman said. The Murzuq field is estimated to have some 500 mm barrels in reserves, the spokeswoman said.

She said CPC will set up a subsidiary in Libya for future exploration.
The company is scheduled to sign an agreement with Libya's National Oil Co. in mid-January of 2007 to finalise the project, the spokeswoman added.

Source: Sapa-AFP
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