Exploration, development projects hit stride in Philippines

Exploration and development operations are proceeding on several fronts in the northern, west central, and southwetern Philippines.The Philippines Department of Energy announced in early May that Shell Philippines Exploration BV and units of Philippine National Oil Co. signed farm-outs that give Shell the option to participate in the Fuga Island exploration project after the drilling of the Fuga-1 wildcat. Fuga Island is at the northern tip of the Philippines.The pact gives Shell Philippines the option to assume operatorship and acquire up to 50% of PNOC's interest in the project.The deal was signed as PNOC and five other exploration companies spudded Fuga-1 on 2-million-acre Geophysi...

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