"We are very positive we can develop good prospects that would eventually lead to drilling operations," PNOC president Eduardo V. Mañalac said.
Mañalac, however, said that they have yet to finalize the interpretation of the seismic data gathered from the said area.
"We have already completed the survey on 11,000 kilometers – and the data has already been processed and the interpretations are ongoing here at the PNOC grounds (the Chinese and Vietnamese team interpreting it with us). We expect to complete the interpretation by later or early fourth quarter of the year, which would help us make a decision as to what to do next on whether we would plan a second phase of seismic or decide to drill it," he said.
PNOC, CNOOC and PetroVietnam last year formed a joint operating committee that will implement the pre-exploration studies for oil and gas in the South China Sea.
Under a Joint Marine Seismic Undertaking (JMSU) Agreement, signed in Manila on March 14, 2005, the three companies agreed to jointly acquire geoscientific data to assess the petroleum resource potential of particular areas in the South China Sea.
The landmark agreement will help transform a previous area of conflict into an acreage for possible cooperation and benefit.
The JMSU covers a three-year joint research by PNOC and CNOOC of the petroleum resource potential in certain areas of the South China Sea.
The study will be a pre-exploration study solely to collect, process and analyze seismic data. No drilling or development is covered under the study.
Under President Arroyo’s five point energy independence agenda, the Philippines will actively develop its indigenous oil and gas resources using PNOC as its lead agency to form strategic alliances with other countries like China.
JMSU is the first concrete step after ASEAN and China adopted the ASEAN-China Declaration on the Conduct of Parties in the South China Sea signed in Phnom Penh in November 2002.