PNOC-EC eyes completion of SC 75 data

MANILA, Philippines - The Philippine National Oil Company –Exploration Corp. (PNOC-EC) expects to complete the processing of data on Service Contract 75 in offshore Palawan before the end of 2015.

PNOC-EC, together with Philex Petroleum Corp. and PetroEnergy, won SC 75 under the Department of Energy’s 4th Philippine Energy Contracting Round (PECR). The contract covers an area of 6,160 square kilometers in the offshore Northwest Palawan Basin.

“The work program for the Sub-phase 1 includes the acquisition of 2,237 line-kilometer of 2D seismic data within the first half of 2014. Processing and interpretation of the newly acquired data is expected to be completed before the end of Sub-phase 1 on Dec. 27, 2015,” PNOC-EC said in a report.

The consortium is composed of PNOC-EC with 35 percent, Philex Petroleum with 50 percent as operator and PetroEnergy, the remaining 15 percent.

The Energy department awarded the contract for Area 4 under the 4th Philippine Energy Contracting Round for Petroleum or PECR4.

The contract awarded to the consortium of Philex, PNOC-EC and PetroEnergy are among the five service contracts earlier offered by the Department of Energy to local and foreign investors.

Investments for the service contracts vary depending on their respective petroleum seismic studies.

PNOC-EC, the upstream, oil, gas and coal subsidiary of state-owned Philippine National Oil Co. (PNOC) said it continues to evaluate prospective new ventures and exploration opportunities within and outside the Philippines, as part of its mandate to be the leading energy exploration and production company in the country.