PNOC picks Malaysian firm for Camago oil

June 1, 2006
PNOC Exploration Corp. chose private Mitra Energy Ltd., Kuala Lumpur, to negotiate for joint development with PNOC of the Camago oil leg at Malampaya gas-condensate field west of Palawan Island, the Philippines.

By OGJ editors
HOUSTON, June 1 -- PNOC Exploration Corp. chose private Mitra Energy Ltd., Kuala Lumpur, to negotiate for joint development with PNOC of the Camago oil leg at Malampaya gas-condensate field west of Palawan Island, the Philippines.

PNOC said Mitra has proposed a $684 million development plan under which oil production would begin by the end of 2007. Recovery under the plan is 41 million bbl in 4 years.

PNOC, Mitra, and China National Offshore Oil Corp. are partners in Service Contract 57 (Calamian Block), which covers 7,200 sq km north of Palawan Island and west of Busuanga and Culion islands. The play is for oil in Tertiary Nido limestone reefs. Interests are CNOOC 51%, PNOC 28%, and Mitra 21%.

Mitra also holds 100% interest in 8,800-sq-km SC 56 in the Philippines Sandakan basin, where the play is Tertiary toe-thrust anticlines, and a 5% carried interest in the Serica Energy Corp.-operated, 6,500-sq-km Biliton PSC in the West Java Sea, where the objective is pinchout and drape of Tertiary clastics.

Mitra has applied for a large area in the Andaman Sea off Thailand.