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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The US government has announced that they will start clamping down on Oil future traders who don’t actually use oil as a main component of their daily operations. These are mainly the banks and other investment funds. The US had already announced that they were going after the culprits responsible for artificially inflating the price of oil.
Some of the proposals that cropped up on how to prevent speculation in oil futures trading were to set stricter limits on the amount of contracts people are allowed to trade, increasing the amount of their own money that they have to put up to buy the contracts, as well as better reporting on who is buying what.
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President Luiz Inacio Lula da Silva of Brazil is lobbying Congress for reforms in their Oil policy to enable government to have a more direct stake in the oil being extracted from its oil fields. Recently Brazil had been the site of a recently discovered oil field that is projected to contain more oil than its oil exporting neighbors.
The new system that the President is pulling for is one wherein the government would own a part of all oil produced. The current system has companies bidding to win the rights to explore for oil in blocks.
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The Reed Bank is an area west of Palawan and within the Philippines 320 km exclusive economic zone but its ownership however is disputed by the countries of China and Vietnam. Exploration of the Reed Bank has shown that it could contain about 3.4 trillion cubic feet of natural gas and 440 million barrels of oil. The area is much closer to the Philippine island of Palawan compared to the even hotly contested Kalayaan Island Group of the Spratlys.
Plans raised for the Philippines to mine the area of its energy minerals has resulted in China announcing its objection to the idea. Chinese Ambassador Liu Jianchao said yesterday that the plan is a violation of Chinese sovereignty, but he is confident that the matter can be settled through negotiations. He also said that unilateral economic activity is not allowed in areas subject of a territorial dispute.
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