The state-run Chinese Petroleum Corp. (CPC), Taiwan`s largest oil refiner, will form a strategic alliance with Petroliam Nasional Bhd. (Petronas) to explore oil fields there.
Petronas is Malaysia`s national petroleum corporation that was established in August 1974. Wholly owned by the Malaysian government, Petronas commands the entire oil and gas resources in Malaysia and is entrusted to develop and add value to such resources.
Since its incorporation, Petronas has grown into an integrated international oil and gas company with business interests in 31 nations. As of the end of October 2005, the Petronas Group comprised 101 wholly-owned subsidiaries, 19 partly-owned outfits and 57 associated companies.
CPC chairman Pan Wen-yen said forming an alliance with Petronas would help his company to access oil and gas resources, as over half of the world`s oil fields are controlled by Muslim nations such as Malaysia and Indonesia, among others.
With promise from Petronas to jointly explore oil fields, Pan has instructed his company`s exploration department to draft an alliance-formation plan. Once such plan has been prepared, Pan personally or CPC president Chen Pao-lang will go to Petronas headquarters to sign a memorandum of cooperation.
In addition to working with Petronas, CPC will also vie for the right to bid to explore three oil fields in Libya, where CPC is setting high hopes to obtain such exploration right.
To develop the exploration of oil and gas fields, CPC has set up a task force comprising several specialists who are able to correctly assess the reserve volumes of such oil and gas fields. Pan stressed that only accurate evaluations can enable explorers to be profitable.
Boasting 5.9 billion barrels of crude oil in ground deposits, Petronas is a large conglomerate with consolidated businesses in up, mid, and downstream petrochemical industries. The Petronas Group racked up US$34.1 billion in revenues last year.
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