In a statement CPC said, “[We have] discovered rich natural gas reserves in Hsinchu in northern Taiwan and in the waters near Kaohsiung in southern Taiwan. The discovery follows a smaller discovery in Kuantien, Tainan County only days earlier. The areas in Hsinchu and Kaohsiung could produce a combined total of around 7 billion cubic metres of natural gas [and] production is expected to begin in 2010.”
“The smaller discovery in Kuantien has reserves of about 400 million cubic metres of natural gas and a production value of NT$2.5 billion (US$74 million). CPC estimates that the first well sunk will have a maximum production of 46,000 cubic metres daily [and] the field could produce natural gas for 20 years,” added the company.
The company, which is the island nation’s only oil and gas prospector, will invest around US$444 million until 2007 to prospect “in similar regions”. CPC believes it find another 1.5 billion cubic metres of natural gas.
