May 07

Oil & Gas News from UKTI May 2012

DOE to open bidding for oil and gas explorationoil & gas news

The Philippine Department of Energy (DoE) is set to open the bids for oil and gas exploration in the country this April.  Part of the Philippine Energy Contracting Round (PECR) 4, there are 15 areas for bidding – 3 onshore and 12 offshore sites. These areas are estimated to generate investments worth USD500 million per area. 
There are 41 prequalified exploration companies including British firms, Shell and
Pitkin Petroleum.   

Galoc resumes production

According to Galoc Production Company, operator of the Galoc oil field, it will resume production in Galoc this April after a refurbishment shutdown.  Forum Energy has 2% interest in the production. Its refurbishment included maintenance and inspection works and upgrade of systems.  A plan to move to Phase 2 development of the oil field is underway. Galoc field is located offshore Palawan and is under the Service Contract 14C.  

Natural Gas Reserves in Recto Bank

UK registered firm, Forum Energy, reported that Recto Bank may have 16 trillion cubic feet of natural gas.  This is based on the interpretation of the 3D and 2D data acquired from the Sampaguita Gas Field. Recto Bank under SC 72 is within the Spratlys Group of Islands, part of which is in dispute due to territorial claims of various Asian countries including China.  Local company, Philex Mining has major interest in Forum Energy are now looking for
funding to push through with the exploration. SC 72 covers 880,000 hectares of Recto Bank.  This is within the country’s 200-nautical-mile exclusive economic zone based on Republic Act 9522, or the Philippine Archipelagic Baselines Law, signed on March 10, 2009.

 

Information from the UKTI Asia Pacific Oil & Gas Newsletter.

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