Taiwan’s CPC Corp reaps benefit of Australian investment
TAIPEI (Taiwan News) – Taiwan's CPC Corporation (台灣中油) will soon see the benefits of its diversified investments, with Inpex Corp's gas production plant off northern Australia officially commencing operations on July 30.
CPC is set to collect 2.625 percent of the well's total production, which equates to 234,000 tons of liquefied natural gas, 43,000 tons of liquefied petroleum gas and 958,000 barrels of condensate this year. Next year, CPC's claim will increase to 3.31 percent, and rise to 5.11 percent in 2022 according to the Liberty Times.
In 2014, CPC acquired a stake in the Ichthys field for US$450 million, in a bid to improve Taiwan's supply of liquefied natural gas (LNG) and liquefied petroleum gas (LPG).
The Ichthys project takes advantage of Australia's largest liquid gas discovery of the past 50 years, according to the Australian Financial Review. The project will include a drilling facility around 220 kilometers off the coast of Western Australia, a gas liquefaction plant in Darwin Harbor and a 890 kilometer pipeline connecting the two facilities.
At peak production, the new facility is expected to produce 1.7 million tons of LPG and 100,000 barrels of condensate; a form of crude oil per day, reported Reuters.