Esso, Mitra to explore off the Philippines

Dec. 6, 2006
Esso Exploration International Ltd. and Mitra Energy Ltd. of Malaysia have agreed to explore for hydrocarbons in the deepwater Sandakan basin southwest of the Philippines.

By OGJ editors
HOUSTON, Dec. 6 -- Esso Exploration International Ltd. and Mitra Energy Ltd. of Malaysia have agreed to explore for hydrocarbons in the deepwater Sandakan basin southwest of the Philippines.

Under an agreement subject to approval by the Philippines Department of Energy, Esso will farm in to Block SC 56 for a 50% operating interest. Mitra will retain a 50% equity interest in the 2-million-acre block and handle 2D seismic acquisition during the exploration phase.

Mitra is acquiring 2,400 line-km of 2D seismic data and plans to shoot a 3D seismic survey covering about 1,600 sq km in the first quarter of 2007.