Otto Energy announced that over 6.92 million barrels of oil had been extracted from the Galoc Oil Well as of March of this year from the 10 million barrels of estimated reserves the oil field contains. That is roughly 70% of the estimated extractable oil from the said field.
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Nido Petroleum announced that they are set to abandon the Tindalo Oil Well by January 2011. They said that it was due to the large presence of water found in the well for the reason behind this move as it was making it difficult for them to extract the oil.
Aside from the presence of water was the low oil production which wasn’t making the operation economically feasible to continue with. Extraction fell to 9,000 barrels per day with 50% of that containing water.
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It was announced that the stakeholders of Service Contract 56 (SC56) ExxonMobil Exploration, Production Philippines B.V., Mitra Energy (Philippines) Ltd. and BHP Billiton (International Exploration Pty Ltd) had completed the requirements of the said service contract by the drilling of 4 exploratory wells at the South Sulu Sea.
Last August 4, the last well, labelled Babendil-1 , had started drilling operations. The exploratory well drillings had been done by the West Aquarius drilling rig. The West Aquarius drilling rig had also been responsible for the drilling of the other 3 wells which had been started on Oct. 11, 2009.
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Operators of Service Contract 54B that covers the Gindara area off the coast of North Palawan announced that they will commence drilling operations by 1st quarter of 2011. Gindara prospect covers an area of about 3184 sq km and is said to hold about 1 billion barrels of oil in reserves.
The operators have started to search for drill rigs and other materials and equipment needed for the drilling operation. In line with this, the partners have also started searching for investors to help finance the project which they are expecting to cost about $30 million. They are currently in talks with Shell Philippines Exploration B.V. and Chevron Malampaya LLC for a possible farm-in agreement.
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PNOC-Exploration Corp. (PNOC-EC) and Nido Petroleum Ltd announced that they will commence drilling for a well at the area covered by Service Contract(SC) 63. Work on seismic data interpretation and locating possible sites to drill is estimated to be completed by next year. Service Contract 63 is found off the Southwest of the Palawan Island covering an area of 10,671 sq km.
Last 2007, they had acquired a 3255 kilometer 2D seismic survey in an area called the East Sabina block in SC 63. Midland Valley from the UK was contracted by them to help them interpret the data gathered during the survey. Last year they had also acquired the 754-square kilometer Kawayan 3D seismic survey where the 1981 Aboabo A1-X gas discovery was made by Phillips Petroleum Ltd.
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Petron announced recently that they will start selling their “Petron Pinoy Gasoline” which seeks to offer cheaper gasoline for public utility vehicles, small boats and farm equipment. It is priced P3 cheaper price compared to the usual gasoline that they sell at the pumps. According to Petron, it is their response to the request of the transport groups and other sectors for cheaper priced gasoline.
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