Taiwan?s CPC in Pursuit of Africa

Chinese Petroleum Corp. (CPC), Taiwan’s state oil company, has been short-listed to bid in Libya’s upcoming licensing round. CPC, based in Taipei, is one of among 47 applicants chosen from a field of 70 before Libya’s National Oil Corp. made its selection of participants. Libya’s third bid round will offer 41 blocks within 14 areas.

``Libya is among our priorities,'' Lu Ming-tar, head of exploration and production at Chinese Petroleum Corp., said in an interview. President Chen Bao-lang will travel to Libya next month, he said, refusing to give details. “After visits by high-level executives, hopefully it'll be faster.''

Taiwan is joining the many other Asian companies in their pursuit of African hydrocarbons. Currently the country imports around 80% of its oil from the Middle East. An award in Libya’s bid round would give CPC its second African stake, having already signed an exploration agreement with Chad in January. The company is also in talks with Nigeria.