The 2001 DOE oil and gas drilling program includes three service contracts and four geophysical survey and exploration contracts (GSECs).
One service contract which is expected to push through within the first quarter this year is an onshore exploration project to be undertaken by Forum Exploration Corp. in North Cebu.
The two other wells under service contracts are those of Unocal Sulu Ltd. and Shell Philippines Exploration Inc. (SPEX).
Unocal’s exploration is located in the offshore Sulu Sea and is expected to commence in the second quarter. SPEX is expected to continue its Malampaya 10 well drilling in offshore, Northwest Palawan in the third quarter.
Four GSEC project expected this year are those of the Philippine National Oil Co.-Exploration Corp. (PNOC-EC) in onshore Cotabato Basin, Vulcan Industrial Mining Corp.’s in onshore Central Luzon, Philodrill Corp. in offshore Mindoro, and Alcorn Petroleum Corp. in onshore Northern Leyte.
PNOC-EC, a subsidiary of PNOC, will start its Mindanao-based project in the last quarter of this year subject to better peace and order situation in the region.
Vulcan, on the other hand, is expected to commence drilling of a so-called commitment well in the second quarter of this year.
Philodrill is expected to dig a so-called option well in the second quarter of 2000 while Alcorn will continue its San Isidro-SX1 well drilling in Northern Leyte within the first three months of the year.
Last year, the DOE announced that six new oil and gas prospects in the country have been identified with total investments of $24 million. The discovery paved the way for the entry of nine foreign firms, mostly US-based, which have signified interest to invest in the oil and gas exploration program of the government. The list includes Nuevo Energy Corp., Globex Energy Inc., Phillips Petroleum Inc., Sita Oil Exploration House Inc., Conoco Inc., and Unocal, all from the United States; and an Indonesian firm PT Tegar Agum Erlangga Energindo.