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Ranhill wins Philippines block



By Upstream staff 

Malaysia's Ranhill Energy has signed a contract for the offshore Service Contract 64 in the Sulu Sea, Philippines.

The company, which owns 90% of the block, was awarded the block in a licensing round. The remaining 10% is held by local player Phil-Mal PetroEnergy.

SC 64 covers a 12,600 square kilometre area north-east of Borneo. It includes a portion of the Sandakan basin.

Ranhill said several international oil companies, including Arco and Occidental, have studied the area in the early 1970s and concluded that the area is oil and gas prone.


Monday, 04 December, 2006, 06:52 GMT  | last updated: Monday, 04 December, 2006, 12:36 GMT

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