Forum Energy, who owns the service contract (SC 72) of the disputed Oil Rich Reed Bank has allotted $3M for exploring the oil resource in the said area. Forum Energy has 70% ownership of SC 72, while Philex Mining in 2008 acquired 65% ownership of Forum Energy.
Exploration stage is projected to last seven years that will be broken down into 4 phases.
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The Galoc oil field holds the distinction of being the first oil field to start pumping oil after the Philippines decided to revitalize its oil industry by offering up exploration contracts for bidding.
Recently, the people behind SC 14, that own the rights to drill oil from the Galoc Oil field, announced that they are preparing to commence the second phase of drilling. With this they are hoping to increase the capacity of the field to 5 million barrels of oil. This will be done by drilling two wells that is expected to produce 4000 barrels per day and add to the current 11,500 barrels per day production rate of the field.
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Philippine Independent Oil Player announced that they are looking to expand and diversify their business in 2010 by going into the alternative energy while promoting the use of biofuels and energy independence for the Philippines. Alternative Energy in the form of solar, wind, compressed natural gas (CNG), biomass, etc.
The funds for this ambitious project will be P500 million and will be sourced internally, by the infusion of new capital, from profits and depreciation.
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Exxon Mobil Exploration starts 2010 with the announcement that they are going to begin the exploration of a second well.
This comes after they announced that they discovered hydrocarbons (indicator to the possible presence of oil) in their Dabakan-1 well early December 2009. The second prospect well scheduled for drilling will be called Banduria-1 and is projected to have the same depth as the Dabakan-1 well.
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ExxonMobil announced it discovered speckles of hydrocarbons at their off shore drill site in the South Sulu Sea of the Philippines that is covered by the DOE’s service contract 56. The Dabakan-1 Well of ExxonMobil is located 65 km from Mapun island of Tawi-Tawi and drilling by the company started last October 11.
This discovery of hydrocarbons, that indicates the presence of an oil field, has prompted the company to drill deeper to 5,000 meters and open up another well. This will entail an additional cost of $100 million to the company.
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Phinma group’s, Trans-Asia Oil and Energy Development Corp are actively looking for partners in their wind power projects around the country. The company’s president and CEO, Francisco Viray, said that they plan to put up about 400 megawatts (MW) of wind power projects from 38 sites in the Visayas and Luzon islands of the country
They are calculating that for each MW of power produced, it will require about $2.5 Million in capital. This would require them to seek for financial assistance from a partner.
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