The first stage of the process for the 40% farm-out of Service Contract 63 to Dragon Oil has been approved by the Department of Energy.
Nido said it was now focused on the second stage of the farm-out process, subject to a number of approvals.
The plan is for Nido to re-acquire a 10% participating interest from the Philippine National Oil Company (PNOC) to take the company's interest in the contract to 20%.
Preparations
