Malampaya oil field draws eight interested exploration companies
The Philippine Star
05/25/2006
At least eight oil exploration firms have submitted firm proposals for the development of the Camago-Malampaya oil leg (CMOL), a top Philippine National Oil Co. (PNOC) official said.
In a press conference, PNOC president and chief executive officer Eduardo Mañalac said while 16 entities were invited to bid by the PNOC, only eight firms have responded positively.
The prospective partners in CMOL, he said, are: Ability Group of Norway; Argo/Mitra Group; Burgundy Global Exploration Corp.; M3Nergy of Malaysia; Premiere Oil of UK; Pearl/Pitkin of Singapore; Vanguard Oil and Gas Development of UK; and Synergy International of China.
Mañalac said PNOC is currently reviewing the proposals and will decide on whose proposal they will consider soon.
"We have received their proposals and we are evaluating it now. We plan to finish the evaluation, and make the choice of our partner by the end of the month," he said.
The PNOC chief said they would try to work out an agreement with one of these groups or form a consortium with these potential partners.
"Partnering with a number of them is something we are looking at as well. We are considering each of the companies’ strength and equipment, with the notion that we want to drill for oil first before the end of the year," he said.
He said what they want assurance that the chosen firm or consortium could deliver on CMOL’s drilling requirements.
05/25/2006
At least eight oil exploration firms have submitted firm proposals for the development of the Camago-Malampaya oil leg (CMOL), a top Philippine National Oil Co. (PNOC) official said.
In a press conference, PNOC president and chief executive officer Eduardo Mañalac said while 16 entities were invited to bid by the PNOC, only eight firms have responded positively.
The prospective partners in CMOL, he said, are: Ability Group of Norway; Argo/Mitra Group; Burgundy Global Exploration Corp.; M3Nergy of Malaysia; Premiere Oil of UK; Pearl/Pitkin of Singapore; Vanguard Oil and Gas Development of UK; and Synergy International of China.
Mañalac said PNOC is currently reviewing the proposals and will decide on whose proposal they will consider soon.
"We have received their proposals and we are evaluating it now. We plan to finish the evaluation, and make the choice of our partner by the end of the month," he said.
The PNOC chief said they would try to work out an agreement with one of these groups or form a consortium with these potential partners.
"Partnering with a number of them is something we are looking at as well. We are considering each of the companies’ strength and equipment, with the notion that we want to drill for oil first before the end of the year," he said.
He said what they want assurance that the chosen firm or consortium could deliver on CMOL’s drilling requirements.
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