Energy Secretary Raphael P.M. Lotilla said Forum Exploration Inc., Japan Petroleum Exploration Co. Ltd. (Japex), Premier Oil Philippines B.V., and Sterling Energy (UK) Ltd. will conduct seismic surveys in their respective exploration blocks to delineate drilling prospects for oil and gas.
According to Lotilla, Japex has started initial surveys using M/S Veritas Searcher over the Tañon Straits in Negros Occidental. It holds service contract (SC) 46 to explore for oil and gas resources in the area. Japex, a Japanese government-owned company listed at the Tokyo Stock Exchange, is expected to infuse some $12.7 million for the seven-year exploration program.
For its part, Filipino-owned firm Forum Exploration, which recently bagged SC 40 for oil and gas exploration, will commence seismic surveys in offshore North Cebu by the middle of this month.
Premier Oil of the Netherlands will conduct initial activities by the end of the month over the Ragay Gulf in the Bicol Region.
UK-based firm Sterling Energy, meanwhile, will conduct marine seismic surveys in Reed Bank, North West Palawan.
Lotilla said the discovery of new petroleum reserves has attracted new investments due to the prevailing high oil prices in the market.