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The New Southbound Policy scores another win: CPC acquires a 40% farm-in share of the East Seram oil and natural gas field in Indonesia

20 Dec 2019

In what represents another substantial accomplishment under the New Southbound Policy, CPC has signed a transfer agreement with Lion Energy of Australia whereby the company acquires a 40% participating interest in the East Seram onshore oil and natural gas field in Indonesia. On November 5, the two parties signed the joint-venture agreement required to complete the acquisition of the block. This move marks CPC’s resumption of natural gas production in Indonesia. During the exploration period, both parties will study and analyze the data obtained from the planned new seismic survey to ascertain the number and size of natural gas reservoir structures and to pinpoint the drilling sites most likely to be successful. Moreover, in such ventures in the future, CPC plans to search for and develop natural gas reservoirs with commercial value potential in its quest for securing a stable natural gas supply for and within Taiwan.