MANILA, Philippines - Australian oil exploration firm Otto Energy Ltd. said it has started its petroleum exploration activities in offshore Central Visayas.
In a statement, Otto Energy chief executive officer Paul Moore said they have contracted seismic vessel M/V Discoverer 2, operated by BGP GeoExplorer Pte Ltd, to gather 2D seismic data covered by Service Contract 69.
SC 69 covers an area of 7,040 square kilometers in offshore Central Visayas surrounded by the islands of Cebu, Bohol and Leyte.
“The offshore part of the East Visayan Basin is relatively unexplored and covered by only a sparse vintage 2D seismic grid and few offshore wells. The new seismic data aims to delineate and mature several identified structural leads and to give support to our understanding of the petroleum systems,” Moore said.
The Department of Energy (DOE) awarded SC 69 to the consortium composed of Otto Energy’s wholly-owned subsidiary NorAsian Energy Ltd.(70 percent) and Trans-Asia Oil and Energy Development Corp. (30 percent) in May 2008.
The area, according to previous studies, recorded more than 20 structures with potential for both oil and gas.
Meanwhile, TA Oil, in a disclosure to the Philippine Stock Exchange, said the consortium commenced on March 22 a 900 - kilometer 2D seismic survey in the Camotes Sea, pursuant to its work obligation under the current exploration sub-phase for SC 69. TA Oil is a member of the Phinma Group.
“The survey is designed to delineate drilling targets in the contract area. Expected survey duration is two to three weeks,” TA OiI said.