DOE extends Trans-Asia contract
MANILA, Philippines - Trans-Asia Oil and Development Corp. (TA Oil), the energy development unit of the Phinma Group, has been given clearance to extend its petroleum service contract covering an offshore area in Central Visayas.
In a disclosure to the Philippine Stock Exchange, TA Oil said the Department of Energy (DOE) has approved the company’s license extension by another three months.
Thus, the Service Contract (SC) 69 consortium will be allowed until Feb. 7, 2011 to conduct its exploration in the area. TA Oil controls a 30 percent participating interest in SC 69.
Australian firm Otto Energy Ltd., through its wholly owned subsidiary NorAsian Energy Ltd., is the operator of the service contract where it controls a 70-percent stake.
The exploration block covers an area of 7,040 square kilometers in offshore Central Visayas surrounded by the islands of Cebu, Bohol and Leyte.
The contract for the exploration block was awarded to Otto Energy and TA Oil by the DOE in May 2008.
Last May, the SC 69 group commissioned the seismic vessel M/V Discoverer 2, operated by BGP GeoExplorer Pte Ltd, to gather 2D seismic data in the area.
On top of its seismic data gathering activities, the consortium expects to drill a well at a total cost of $11.2 million within a seven-year work program.
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