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

TAIPEI (Reuters) – Taiwan’s state-owned energy company CPC said Wednesday it had received Australian government approval to acquire four subbasin permits in oilfields off Western Australia from Carnarvon Energy Ltd.

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)