TAIPEI (Dow Jones)--Taiwan's state-run oil company CPC Corp. said Tuesday it will jointly explore for natural gas with partners in Indonesia for 30 years after a consortium won a production sharing contract Monday.
CPC estimated the coal bed to have about 110 billion cubic meters of natural gas reserve, the company said in a statement.
CPC has a 20% stake in the consortium, which also includes Virginia Indonesia Co. LLC, BP PLC (BP), ENI SpA (E), Universe Gas and Oil Co. and others, CPC said.
The consortium plans to spend $37.9 million for the first three years to drill 11 wells, CPC said.
-By Jessie Ho, Dow Jones Newswires; 88622 502-2557; jessie.ho@dowjones.com
Source: wsj.com/
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