Taiwan's CPC says it has Australia approval for oil field project

Carnarvon Energy

16/08/2023 03:01

TAIPEI, Aug 16 (Reuters) - Taiwan's state-owned energy
company CPC  CHIP.UL  said Wednesday it had received Australian
government approval to acquire four subbasin permits in
oilfields off Western Australia from Carnarvon Energy Ltd
 CVN.AX .
    CPC's subsidiary OPIC Australia Pty Ltd reached the deal
with Carnarvon in February, in which Carnarvon agreed to divest
a 10% interest in the Dorado oilfield.
    Carnarvon said in a February release that it expected to
receive $146 million in cash from the investment. This comprises
an upfront payment of $56 million on completion of the
transaction and another $90 million once a final investment
decision is taken on the Dorado development.

 (Reporting by Ben Blanchard; Editing by Jacqueline Wong)
 ((ben.blanchard@thomsonreuters.com;))