MANILA, Philippines - Nido Petroleum Corp. is now ready to drill an exploration well in offshore Southwest Palawan near Brunei.
In a report, it was learned that Nido, along with PNOC-Exploration Corp., will start the drilling in service contract (SC) 63 by next year.
“The joint venture will now finalize the drilling target, seek to confirm rig contracts and plan a drilling schedule [and] identified the current window to drill the commitment well to be between December 2011 and March 2012,” the report said.
PNOC-EC is the petroleum and coal exploration arm of state-owned PNOC, which owns 99.7 percent of the company. The rest, amounting to 0.29 percent, is held by the public.
Nido is an Australian firm with interests in various oil and gas exploration blocks in the country.
SC 63 was awarded to PNOC-EC, which acts as the field’s operator, and Nido through the Philippine Energy Contracting Round of 2006. Each firm has a 50-percent stake in the block which is situated in offshore Southwest Palawan, near oil producing sites in Brunei and Malaysia.
PNOC-EC said a recent 3D seismic study at the Aboabo gas discovery within the block, which is “significantly under-explored,” has “greatly improved” subsurface images of potential petroleum reserves.
“PNOC-EC is working closely with Nido to mature the different prospects and leads in this block from which the drilling candidate can be selected during the year,” the report said.
In 1981, the Aboabo gas discovery was drilled by Phillips Petroleum Ltd. The well was reported to have flowed gas at an estimated rate of 50 million cubic feet per day on test but was not fully developed.