TAIPEI (Taiwan News) — State oil group CPC Corporation said Thursday (Nov. 12) its first shipment of oil it had found in the African nation of Chad would arrive in Taiwan in December.
The company first extracted oil in the landlocked Sahel nation just south of Libya last February, CNA reported. The shipment of one million barrels of oil was the reward for 40 years of overseas oil exploration, according to CPC.
Cooperation with Chad started with the signing of an agreement in 2006, followed by the discovery of a potential oil field five years later. The government of Chad gave CPC the right to manage the Oryx field for 25 years beginning from 2017.
However, CPC has only a share of 35 percent in the field, with an investment company from China’s Hainan also holding a stake of 35 percent and the government of Chad controlling the remaining 30 percent.