Otto Energy Ltd, and Australian oil exploration firm announced that they had started oil exploration in Service Contract (SC) 69 that they won from the Department of Energy last May 2008. SC69 is located in the Central Visayas inbetween Cebu, Bohol and Leyte and covers and area of 7,040 sq. kilometers.
In line with this, they have already contracted BGP GeoExplorer Pte Ltd’s M/V Discoverer 2 to gather 2D seismic data in the area. Previous 2D Seismis surveys have indicated that the area has 20 structures with potential for both oil and gas finds. The current survey is expected to take about 2 to 3 weeks to accomplish.
SC69 is owned by Otto Energy’s NorAsian Energy Ltd.(70%) and another company, Trans-Asia Oil and Energy Development Corp, which owns 30% of the contract.
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Category: Oil, Oil Price
