China PetroChemical Corporation (Sinopec Group) said Wednesday its wholly-owned subsidiary Sinopec International Petroleum Exploration and Production Corporation (SIPC) is to sell a 40 percent interest in an offshore oil and gas exploration block in Australian waters to CPC Corporation, Taiwan.

The deal is the second cooperative Australian venture between the two companies. They previously took an interest in Italian energy giant Eni's offshore oil block AC/P21 in 2004.

The companies did not disclose the value of today's deal.

SIPC, focusing on overseas oil exploration and production for its parent company, won a bid for an interest in NT/P76 block in Australia in 2008. SIPC and CPC negotiated interest transfer in Singapore in June and reached a consensus.

CPC said the deal was a major step for the company in expanding its ownership of oil resources and would improve its energy supply sustainability.

Located in Bonaparte Basin 300 kilometers north of the Australian city of Darwin, the block covers 4,715 square kilometers and is estimated to have a natural gas reserve of 13 trillion cubic feet.

(Xinhua News Agency August 12, 2009)