Taiwan’s CPC Corporation has acquired 10% of the mining rights of Australian Dorado Oilfield and four adjacent exploration projects. The Australian authorities’ approval followed the signing of a sale and purchase agreement of CPC’s wholly-owned subsidiary OPIC Australia Pty Ltd with Carnarvon Energy Ltd Australia in February of this year.
Dorado and surrounding oilfields are located 110 kilometers (68 miles) off the northwest coast of Australia at a water depth of 95 meters (312 feet). Currently, the Dorado facility alone yields 80,000 barrels of crude oil per day at peak production. Australian energy giant Santos Ltd will be handling the development of adjacent areas which are expected to be in operation by 2028.
CPC said that the primary goal is to construct new offshore floating platforms, lay pipelines, and implement control systems as well as conduct vessel management. Energy cooperation with Australia in the Dorado oilfield development and its adjacent exploration plans will not only increase the proportion of Taiwan's own energy sources but also deepen ties with the land down under.