Trans-Asia to start seismic survey
MANILA, Philippines - Trans-Asia Oil and Energy Development Corp., the oil exploration arm of the Phinma Group, has secured the approval of the Department of Energy (DOE) to start seismic survey at the Marantao area in southwest Palawan.
In a disclosure to the Philippine Stock Exchange, Trans-Asia, which holds 15 percent of the Marantao prospect under Service Contract (SC) 55, said the DOE allowed it to conduct its seismic program in the area.
Trans-Asia has been putting a lot of effort in its oil exploration activities for the past years. It currently has stakes in at least four service contracts.
“The Energy Department approved the SC 55 consortium’s request for substitution of a combined 2D/3D seismic program with minimum expenditures of $3 million for the one deep water well committed under the third sub-phase of the exploration period,” it said.
According to the firm, the exploration period for SC 55 starts from August this year to August 2010. If proven viable, drilling at the area is expected to start also in 2010.
SC 55 is located near the Malampaya oil and gas field, currently the largest producer of condensate and gas in the Philippines.
The Marantao prospect covers an area of 9,000 square kilometers off the deep waters of southwest Palawan. It is estimated to contain 1,812 billion cubic feet of gas and 567 million barrels of oil. Seismic data was collected by various groups from 1970 to 1990, but no wells have been drilled.
Aside from Trans-Asia, Otto Energy Ltd., an Australian oil and gas firm, holds the remaining 85 percent of the contract. – Donnabelle Gatdula
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