Petronas, PNOC commence drilling off Mindoro
Eric Watkins
Senior Correspondent
LOS ANGELES, Sept. 11 -- Malaysia's Petronas Carigali Overseas Sdn. Bhd. and Philippines National Oil Co. began drilling Aug. 31 at the Kamaia-1 well off the Philippines' Mindoro Island.
According to PNOC documents, the two partners in the Mindoro Block will invest some $81.84 million in initial drilling activities—about $12.26 million for PNOC, with Petronas carrying the remainder.
The documents also said work on the block will be extended to 2012, with activities to include the drilling of one exploration well and two appraisal wells this year.
The Philippines in January 2005 awarded Petronas and PNOC a service contract to explore for oil and gas in the block.
The partners are committed to drill one exploratory well in the Mindoro Block, with an option to either drill another exploratory well or acquire new seismic data.
Contracted work also will include geological and geophysical studies and a possible seismic survey on the 14,667 sq km block.
Petronas, with an 80% stake, is operator, while PNOC-EC holds the remaining 20%.
Contact Eric Watkins at [email protected].