For West Balabac oil/gas block
Manila Bulletin
may 28, 2006
Negotiations are being set in motion with two European firms on a possible farm-in deal for the West Balabac oil and gas block currently under full operatorship of the Philippine National Oil Company.
The West Balabac acreage which is under Service Contract 59 is within South China Sea; and is seen to add up to the country’s energy reserves if eventually proven commercially viable.
The European firms targetted as partners are Lundin Oil and Tap Oil, which both counts involvement in oil and gas exploration ventures.
"West Balabac is 100 percent operated by PNOC, again there are a couple of companies we are talking to, particularly European companies Lundin Oil and Tap Oil, for a potential farm-in agreement," divulged PNOC President Eduardo V. Mañalac.
He added that these interested parties are now looking at the data, and "were at the early stages of discussions with these firms."
Mañalac stressed the company has been shifting attention to Palawan and South China Sea areas when it comes to its upstream ventures with indications that these prospects will have higher success rates.
In the last two years, he noted that the company has jacked up its acreage holdings by 270 percent to 73,000 square kilometers from 27,000 sq km.
The PNOC chief executive further pointed out their main concern is achieving higher success rate in exploration and drilling ventures through the use of latest technology and application of expertise.
One of the major upstream undertakings of the company is a prospective drilling within a disputed area in the South China.
A joint marine seismic undertaking was already carried out with China National Offshore Oil Corporation (CNOOC), and lately with the involvement of PetroVietnam, as a way of assessing oil and gas reserves in the targeted acreage.
The agreement covers a three year joint research of the petroleum resource potential in certain areas of the South China Sea.
The companies agreed to equally share the to million investment cost for the project. It covers a pre-exploration study solely to collect, process and analyze seismic data; and no drilling or development is covered yet under the study phase.
Manalac noted that the venture would put a lot of meaning on goals of attaining regional collaboration from among member-countries of the Association of Southeast Asian Nations (Asean); with all parties being considered as a ‘potential partner’; especially if the project reaches commercial development. (MMV)
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may 28, 2006
Negotiations are being set in motion with two European firms on a possible farm-in deal for the West Balabac oil and gas block currently under full operatorship of the Philippine National Oil Company.
The West Balabac acreage which is under Service Contract 59 is within South China Sea; and is seen to add up to the country’s energy reserves if eventually proven commercially viable.
The European firms targetted as partners are Lundin Oil and Tap Oil, which both counts involvement in oil and gas exploration ventures.
"West Balabac is 100 percent operated by PNOC, again there are a couple of companies we are talking to, particularly European companies Lundin Oil and Tap Oil, for a potential farm-in agreement," divulged PNOC President Eduardo V. Mañalac.
He added that these interested parties are now looking at the data, and "were at the early stages of discussions with these firms."
Mañalac stressed the company has been shifting attention to Palawan and South China Sea areas when it comes to its upstream ventures with indications that these prospects will have higher success rates.
In the last two years, he noted that the company has jacked up its acreage holdings by 270 percent to 73,000 square kilometers from 27,000 sq km.
The PNOC chief executive further pointed out their main concern is achieving higher success rate in exploration and drilling ventures through the use of latest technology and application of expertise.
One of the major upstream undertakings of the company is a prospective drilling within a disputed area in the South China.
A joint marine seismic undertaking was already carried out with China National Offshore Oil Corporation (CNOOC), and lately with the involvement of PetroVietnam, as a way of assessing oil and gas reserves in the targeted acreage.
The agreement covers a three year joint research of the petroleum resource potential in certain areas of the South China Sea.
The companies agreed to equally share the to million investment cost for the project. It covers a pre-exploration study solely to collect, process and analyze seismic data; and no drilling or development is covered yet under the study phase.
Manalac noted that the venture would put a lot of meaning on goals of attaining regional collaboration from among member-countries of the Association of Southeast Asian Nations (Asean); with all parties being considered as a ‘potential partner’; especially if the project reaches commercial development. (MMV)
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