A unit of Occidental Petroleum Corp. and a Philippine company have received a contract covering exploration and possible development in the Southwest Philippines.
Occidental Philippines Inc. 85% and Basic Petroleum & Minerals Inc. 15% will conduct a geophysical survey of the 430,000 acre West Culion block off the northwest coast of Palawan Island.
The combine plans to start a 1,000 line km seismic survey late this year and may choose to drill as many as two wildcats on the block. It has the option to sign a service contract for further exploration or development at the end of the exploration program.
Culion offsets 692,000 acre Block SC-38, held by Shell Philippines Exploration BY and Oxy, site of the 1 Malampaya oil and gas/condensate discovery disclosed last summer (OGJ, June 8, p. 33).
Rya R. Irani, chairman, president, and chief executive officer of Oxy, said the company's geologists believe the West Culion block may contain structures similar to the Malampaya discovery.
Copyright 1992 Oil & Gas Journal. All Rights Reserved.
