Perez told reporters that RockOil International has applied to invest in service contract (SC) 6-A held by a group of oil exploration firms led by Philodrill Corp. SC 6-A involves an area of 164,837.72 hectares in offshore Palawan. The term of the contract is 25 years. It is now in the exploration stage which covers the first seven years.
Aside from Philodrill, the other members of the consortium are: Oriental Petroleum and Minerals Corp., Petrofields Corp., Trans-Asia Oil, Vulcan Mining Corp., Basic Consolidated and Mining Corp., Anglo-Philippines Inc. Philx Mining Corp., San Jose Oil, Seafront Resources, Alcorn Petroleum and Phoenix Petroleum.
The energy secretary said a deed of assignment was signed recently by the group and RockOil International to allow the latter to farm into the project.
He said the DOE found RockOil International to be financially-qualified to become a consortium member of the exploration contract.
The energy chief said this development came after the awarding of at least two geophysical survey and exploration contracts (GSEC) to two different international exploration firms.
According to Perez, these activities are part of the effort of the DOE to promote and encourage exploration firms to invest in the country.
A few weeks ago, the DOE awarded GSEC 101 to UK-based Sterling Energy Ltd. Partnership to explore for gas in the Reed bank area in Northwest Palawan.
The GSEC 101 would allow Sterling to carry out a geophysical work program and conduct a feasibility study of the Sampaguita gas discovery in the area. The GSEC 101, which covers over one million hectares in offshore Northwest Palawan, shows signs of huge potential gas reserves as indicated in previous studies conducted by Kirkland/Dragon in the early ’90s.
Another exploration firm Japan Exploration Corp. was awarded GSEC 102 to explore in Tanong Strait in the Visayan Basin.
At present, an exploration company usually spends P100 million to P200 million in drilling an oil well.