PH puts gas, oil exploration plans in S.China Sea on hold

MANILA – The Philippines is temporarily holding off the awarding of contracts to companies interested in conducting gas and oil exploration in the South China Sea due to a lingering territorial dispute with neighboring countries, a senior official said Tuesday. Energy Secretary Carlos Jericho Petilla told Kyodo News that the process is “on hold right now” pending concurrence by the Department of Foreign Affairs. On July 31, the Philippine government opened three areas in the South China Sea Read more [...]

Forum wants to start Recto Bank drilling

MANILA, Philippines—Forum Energy Plc is hoping to finally start by March next year its planned $75-million oil and gas drilling program at the controversial yet highly prospective Recto Bank. Forum’s drilling program has been adversely affected by the territorial dispute involving China and Taiwan. Philex Petroleum Corp. chair Manuel V. Pangilinan said Forum wanted to start drilling one of the two appraisal wells by March or April 2013, as scheduled under its commitment program with the Read more [...]

Oil production off Palawan to rise in 2013

Australian firm Nido Petroleum Ltd. expects to generate strong cash flow in the second half of 2013 when the two wells to be drilled under the second phase of development of the Galoc oil field in offshore Palawan start producing oil. In a regulatory filing, Nido Petroleum managing director Phil Byrne said that based on the estimates of field operator Galoc Production Co. (GPC), the Phase II development would “lead to the recovery of an additional 8 million barrels of crude from the field and Read more [...]

Otto Energy set to drill 5 wells next year

Australian firm Otto Energy Ltd. is planning to drill five wells by end-2013, as it targets to tap the prospective oil and gas structures in Palawan and the Visayas. Otto Energy chief executive officer Gregor McNab said in a regulatory filing that two wells would be development wells that would be drilled under Phase II of the Galoc oil field development, covered by Service Contract 14C. The remaining three will be exploration wells within Galoc North (SC 14C), Cinco prospect (SC 55) and Duhat Read more [...]

5 firms expected to start drilling for oil in ’13

The Department of Energy expects local and foreign petroleum exploration companies to drill at least five wells in 2013, signifying investors’ enduring confidence in the current administration. According to Energy Undersecretary Jose M. Layug Jr., drilling activities are expected to be conducted by French firm Total E&P Philippines BV for Service Contract (SC) 56 in Sulu Sea, Blade Petroleum for SC 6 or Cadlao block, Australian firm Otto Energy Ltd. for SC 50 or the Calauit field, Nido Petroleum Read more [...]

NEXT BIG THING: DOE banks on BHP Billiton, partners to drill at Cinco natural gas field in 2013

MANILA – The Department of Energy expects another natural gas field about the size of the Malampaya to rise in offshore Palawan next year. In a media briefing, Undersecretary Jose M. Layug, Jr. said the Cinco prospect covered by Service Contract 55 could help increase indigenous energy supply. “While we have been looking at Recto Bank as the next Malampaya, one of the SCs we are very positive about is the SC 55. We are hoping Cinco will be the gas reserve that can backfill Malampaya as we look Read more [...]

PH gets 4 bids for disputed South China Sea oil, gas blocks

MANILA – The Philippines accepted on Tuesday four bids for three oil and gas exploration blocks in the South China Sea, including two prospects in waters claimed by China, a weak turnout for the last phase of the country’s biggest petroleum exploration tender. Only six firms showed up for the bidding out of the 38 domestic and foreign firms prequalified early this year. In all, 20 firms, most of them domestic, participated in the auction of rights to explore 15 sites around the Southeast Asian Read more [...]