Eric Watkins
Senior Correspondent
LOS ANGELES, Feb. 27 -- Philippine National Oil Co. (PNOC) and Malaysia's Petronas plan to start drilling the first of several new offshore exploration wells off the Phillipines' Mindoro in March.
A spokesman at the Philippine's Department of Energy (DOE) said Petronas, as operator, recently submitted a drilling plan. In addition, the joint-venture expects to drill another exploration well by 2008 and two more in 2009.
The drilling areas, covered by Service Contract 47 (SC47), are 80% held by Petronas Carigali Overseas Sdn. Bhd. and 20% by PNOC subsidiary PNOC-Exploration Corp. (PNOC-EC), who plan to invest some $22.5 million for their initial drilling activities.
A PNOC spokesman said two other prospects—Cherry and Tablas—have been "mapped, evaluated, and matured for drilling."
The Petronas-PNOC Mindoro project is reported to be part of an overall drilling program mapped out by DOE, which expects 8-10 oil and gas wells to be explored by 2007.
In 2008, DOE expects 16-26 wells to be drilled in various exploration areas in Palawan and Sulu Sea basin, while 19-28 additional exploration wells are to be started up by 2009.
Contact Eric Watkins at [email protected].
