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New Articles

Thursday, 08 January, 2009, 16:50 GMT | more >>

Nido looks for fast track at Palawan

By Upstream staff

Australia’s Nido Petroleum and its partner PNOC-EC, a unit of the state-owned Philippine National Oil Company, are discussing ways to accelerate the evaluation of a petroleum block in the north-west Palawan basin, according to a local newspaper report.

Nido said that while work on Service Contract 63 was still at the preliminary evaluation stage, discussions were under way on how to fast-track sub-surface evaluation on the area.

The southern sector of the SC 63 block contains the Aboabo-1 gas discovery, which was previously explored by Phillips Petroleum in 1980.

“SC 63 with the Aboabo-1 gas discovery represents a potentially very significant extension of the proven north-west Palawan hydrocarbon basin toward the south and in the direction of the huge new oil fields, offshore Northern Sabah,” Nido said.

The company added that the acquisition of new seismic data would enable it to map the area for the first time.

Nido and PNOC-EC each have a 50% stake in SC 63.

Nido is also expected to start gathering more seismic data on two of its other petroleum blocks, SC 54 and SC 58, to further back up some “optimistic” data gathered from these service contracts late last year, the Philippine Daily Enquirer reported.