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Philippine Daily Inquirer: Shell leads consortium in oil search off Palawan

Jan 28th, 2006
by admin.

Ronnel W. Domingo
Jan 28, 2006
THE OPERATOR OF THE MULTIBILLION-dollar Malampaya natural gas project has teamed up with the government and two private firms to look for oil and gas in an area near its current production field.
In a joint satement, Shell Philippines Exploration BV said it signed with the Department of Energy, Kuwait Foreign Petroleum Exploration Co. (Philippines), and South China Resources Inc. a deal on Service Contract No. 60, which covers a relatively unexplored area of 1.01 million hectares offshore north of Palawan.
Interest in SC 60 is distributed as follows: Spex, 55 percent; Kufpec Philippines, 30 percent, and SCR, 15 percent.
Kufpec is a subsidiary of state-owned Kuwait Petroleum Corp. while SCR is a local firm listed on the Philippine Stock Exchange and involved mainly in oil exploration.
An SC is a license issued by the energy department allowing explorers and developers to scour oil and gas prospects within the country and continue to the production stage in case petroleum reserves were found.
The partners said the SC 60 project, which used to be covered by Geophysical Survey and Exploration Contract No. 99, involves one of the promising sites for petroleum exploration identified by the Philippine Petroleum Resource Assessment Project Study.
The study, conducted by the Norwegian Agency for Development Cooperation (Norad) and the DOE, provided updated data on the petroleum basins in the country and identified the level of prospectivity of each area.
Under SC 60, the consortium committed to spend at least $24 million or about P1.27 billion during the seven-year exploration period.

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