The US$136 million project seeks to monetise proven and probable reserves of 6 million barrels of oil in Block SC6 in the Palawan basin.
Initial production rates of about 25,000 barrels per day of oil are forecast, but quickly declining due to water cut, so that by 2016 the oil rate is expected to 500 bpd, said Jim Durant, the technical director of co-venturer Peak Oil & Gas.
The
