PNOC approves deal with Petronas
Manila Times, Jan. 11, 2005
THE government, through the Philippine National Oil Co.-Exploration Corp. (PNOC-EC), signed on Monday a service contract with Petronas Carigali Overseas Sdn. Bhd (PCOSB) for a petroleum-exploration block in offshore Mindoro.
The Department of Energy said this is the third petroleum service contract signed in recent weeks after the Supreme Court declared last month the Mining Act as constitutional.
Service Contract 47 was cosigned by Tan Sri Dato Sri Mohd Hassan bin Marican, Petronas president and chief executive, Energy Secretary Vincent S. Perez Jr. and Eduardo V. Manalac, PNOC president and chief executive.
“This new agreement has long been in waiting,” Perez said. “Now that the road has been paved clear, we look forward to the drilling of one of the most attractive exploration areas in the country.”
Under the contract, PCOSB and PNOC-EC will commit to drill one exploratory well in the area with an option to either drill another exploratory well or acquire new seismic data.
The contract will also include geological and geophysical studies and a possible seismic survey.
PCOSB said it is prepared to invest some $12.5 million for the project.
The work program under the service contract will be completed during the first two years, after which the contractors can decide whether to proceed with the subsequent phases of the exploration period.
PCOSB is the operator with 80 percent participating interest, while PNOC-EC has 20 percent.
Manalac said the government would still have a 60-percent share on the resources to be developed.
Service Contract 47, which is the former Geophysical Survey and Exploration Contract 100 (GSEC 100), is one of the most attractive exploration acreage in terms of hydrocarbon potential since it is located in the same geologic region as Northwest Palawan host to the country’s oil and gas fields.
With a size of 14,667 square kilometers, the block covers the offshore area south of Mindoro Island and west of Panay Island.
Service Contract 47 offers an array of shallow to deepwater prospects with low to moderate risk. As operator of the former GSEC 100 license, PNOC-EC has already identified two prospects, the Tablas Prospect situated between the island of Tablas and Mindoro, and the Cherry Prospect located some 12 kilometers southeast of Maniguin-2, which so far, is the most significant oil discovery outside of Northwest Palawan.
The signing of the Offshore Mindoro Service Contract follows a 1995 exploration by Petronas in the Cotabato Basin in Mindanao.
The energy department had awarded Service Contract 45 to China’s South Sea Petroleum Holdings Ltd to explore oil and gas in the Agusan-Davao Basin, and Service Contract 46 to Japan Petroleum Exploration Co. Ltd for oil and gas exploration over the Tanon Straits in Negros Occidental.
Two other petroleum service contracts were awarded last year. These involved Singapore-based firm Gas to Grid Pte. Ltd in the Central Cebu area, and British firm Premier Oil Philippines B.V. over the Ragay Gulf in the Bicol region and parts of Bondoc Peninsula in Quezon.
THE government, through the Philippine National Oil Co.-Exploration Corp. (PNOC-EC), signed on Monday a service contract with Petronas Carigali Overseas Sdn. Bhd (PCOSB) for a petroleum-exploration block in offshore Mindoro.
The Department of Energy said this is the third petroleum service contract signed in recent weeks after the Supreme Court declared last month the Mining Act as constitutional.
Service Contract 47 was cosigned by Tan Sri Dato Sri Mohd Hassan bin Marican, Petronas president and chief executive, Energy Secretary Vincent S. Perez Jr. and Eduardo V. Manalac, PNOC president and chief executive.
“This new agreement has long been in waiting,” Perez said. “Now that the road has been paved clear, we look forward to the drilling of one of the most attractive exploration areas in the country.”
Under the contract, PCOSB and PNOC-EC will commit to drill one exploratory well in the area with an option to either drill another exploratory well or acquire new seismic data.
The contract will also include geological and geophysical studies and a possible seismic survey.
PCOSB said it is prepared to invest some $12.5 million for the project.
The work program under the service contract will be completed during the first two years, after which the contractors can decide whether to proceed with the subsequent phases of the exploration period.
PCOSB is the operator with 80 percent participating interest, while PNOC-EC has 20 percent.
Manalac said the government would still have a 60-percent share on the resources to be developed.
Service Contract 47, which is the former Geophysical Survey and Exploration Contract 100 (GSEC 100), is one of the most attractive exploration acreage in terms of hydrocarbon potential since it is located in the same geologic region as Northwest Palawan host to the country’s oil and gas fields.
With a size of 14,667 square kilometers, the block covers the offshore area south of Mindoro Island and west of Panay Island.
Service Contract 47 offers an array of shallow to deepwater prospects with low to moderate risk. As operator of the former GSEC 100 license, PNOC-EC has already identified two prospects, the Tablas Prospect situated between the island of Tablas and Mindoro, and the Cherry Prospect located some 12 kilometers southeast of Maniguin-2, which so far, is the most significant oil discovery outside of Northwest Palawan.
The signing of the Offshore Mindoro Service Contract follows a 1995 exploration by Petronas in the Cotabato Basin in Mindanao.
The energy department had awarded Service Contract 45 to China’s South Sea Petroleum Holdings Ltd to explore oil and gas in the Agusan-Davao Basin, and Service Contract 46 to Japan Petroleum Exploration Co. Ltd for oil and gas exploration over the Tanon Straits in Negros Occidental.
Two other petroleum service contracts were awarded last year. These involved Singapore-based firm Gas to Grid Pte. Ltd in the Central Cebu area, and British firm Premier Oil Philippines B.V. over the Ragay Gulf in the Bicol region and parts of Bondoc Peninsula in Quezon.
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