Chinese petrochemicals giant, Sinopec, has agreed to sell 30 percent of its share in an onshore oil block in Myanmar to Taiwan’s CPC Corp, according to industry media and Reuters.
The block in question is reportedly Block D, covering 12,000 square km near the city of Mandalay. Sinopec acquired full exploration rights over the block in 2004 from Myanmar Oil & Gas Exploration.
Beijing-based Sinopec is the world’s fifth largest company and, aside from oil and gas exploration, has global interests in petrochemicals, chemical fibers, chemical fertilizers and pipeline transportation of crude oil and natural gas, though it has no financial stake in any trans-Myanmar pipeline project.
According to T&B Petroleum magazine, CPC Corp, Taiwan's sole liquefied natural gas importer, said on Thursday that it had agreed to acquire 30 percent of the rights to an onshore gas block in Myanmar from Sinopec Group. CPC said in a statement that three out of six exploratory wells drilled in Block D have already found gas potential.
No details of the financial agreement between Sinopec and CPC were announced.
