January
5, 2003
Chinese Petroleum encouraged
by its exploration in Venezuela
(Taipeitimes.com) - "The Chinese Petroleum
Corp has worked out a new strategy for overseas
oil exploration, a spokesman for the state-owned
company said yesterday.
Encouraged by the success of its exploration operations
in the Corocoro area in Venezuela, the spokesman
said Chinese Petroleum will continue cooperation
with large multinational oil companies in oil
exploration abroad.
'We plan to invest more than NT$7 billion in the
next four to five years for overseas oil exploration,'
the spokesman said, adding that the Chinese Petroleum
intends to raise its oil exploration department's
profits by 10 to 30 percent. (…)
The state-run oil refiner will focus on Venezuela,
Brazil, Indonesia, Peru, the US, Canada, Australia,
Malaysia, the Middle East and Africa for its future
oil exploration projects.
'The Corocoro field in Venezuela is large. It
is scheduled to begin commercial production by
2005,' the spokesman said, adding that the company
has also acquired a 7.5 percent stake in another
field in Venezuela where oil exploration began
last month".
