Taiwan's state-owned oil company CPC, said it will invest NT$34 billion ($1.18 billion) annually in the next five years to acquire and explore overseas energy resources.

CPC plans to spend NT$30 billion a year on acquiring oil and gas fields mainly in Africa and the Asia Pacific region while the rest will go on oil exploration.

The company is in talks to buy oil and gas fields in Africa and Australia, with expectations that deals can be concluded by late this year or early next year.