TAIPEI, Aug 16 (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 (CVN) .
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.
News: CVN Taiwan's CPC says it has Australia approval for oil field project
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