Petroleum Africa
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Wednesday, September 14, 2016
CEFC China Energy will take on a 35% of Taiwan’s state-run Chinese Petroleum Corp.’s (CPC) stake in three blocks in Chad. The deal is said to be worth an estimated $110 million.
The deal between the two firms marks the first time the two companies have collaborated and also marks CEFC’s first completed transaction in the sector.
The acquisition by CEFC gives it a stake in Chadian blocks BCO III, BCS II, BLT I. These blocks, with a total of 105.79 million barrels of proved reserves and 3.3 billion barrels of expected reserves. Production from the three oil blocks is expected to start by end-2017 or early 2018, with initial output at 6,000 bpd, climbing to 20,000 bpd by 2019.
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