The shallow-water Cadlao field, located about 50 kilometres off north-west Palawan had already produced about 11 million barrels of oil when it was shut in 19 years ago.
The Philippines Department of Energy (DoE) last year approved a 15-year extension for SC 6 to enable Cadlao to be exploited anew.
There is potential for the field to act as a future hub for several nearby discoveries.
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