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Friday, 05 December, 2008, 17:10 GMT | more >>

Nido unveils Philippines spree



By Upstream staff 

Australia's Nido Petroleum is planning to more than double its exploration budget for the Philippines, pegging its spend at $82.6 million.

The company had previously committed to spend $36 million to search for oil and gas in the country between 2006 and 2008.

"It represents the minimum expenditure that we have contracted to perform on our service contracts," Bryce Martin, president of Nido Petroleum Philippines, told Reuters.

Nido has interests in five exploration projects in the Philippines, including the Galoc oilfield off the coast of Palawan in western Philippines which is expected to start production in the first quarter of 2008.

The company has a 22.279% stake in Galoc, which is forecast to produce 17,500 barrels per day at peak.


Monday, 21 May, 2007, 11:50 GMT  | last updated: Monday, 21 May, 2007, 11:50 GMT

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