Nido seeks Palawan buddy
Nido Petroleum is looking for a suitable partner to take part in exploration
of the North West Palawan basin in the Philippines after completion of
several deep-water seismic surveys carried out in the region revealed about
11.6 billion barrels of potential oil in place.
The prospect includes a number of play types with 31 targets having the
potential to contain greater than 50 million barrels in place and six
believed to contain at least 500 million barrels, the company said in a
statement.
Since 2004 Nido has focused on developing a core area in the North West
Palawan basin. With new technological innovations Nido has been able to
explore deeper into areas where shallow discoveries were made in the last
major drilling campaign during the 1980s.
07 May 2008 09:21 GMT
| last updated:
07 May 2008 17:28 GMT
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