something else might be cooking in the Philippines.
this caught my eye bigtime..(note: discovered as a very promising reserve)
this section is taken from the article in The Manila Bulletin 19/12/05 (whole article below this section)
Aside from this, the Perth-based firm is not discounting the possibility that it may tap into more potential oil and gas; as it noted of what the company has discovered as a very promising reserve in the Philippines just waiting to be exploited.
Australian company eyes other oil/gas exploration prospects
By MYRNA M. VELASCO
With the submission of work proposals for the Philippine Energy Contracting Round (PECR) culminating recently, Australian firm Nido Petroleum Pty. Ltd. revealed that it indeed bid for other oil and gas exploration prospects within the considered high-frontier prospects in Palawan basin.
"We have submitted proposal for a large block in Palawan basin… and that is within Area 1 in the PECR," said Nido Petroleum president David Whitby.
Aside from this, the Perth-based firm is not discounting the possibility that it may tap into more potential oil and gas; as it noted of what the company has discovered as a very promising reserve in the Philippines just waiting to be exploited.
Prior to this, the Australian company declared intent of putting in investment of US$24.4 million for exploration and drilling of four wells on offshore Northwest Palawan; made possible with the signing of Service Contract 54 (SC 54) with the Philippine government, providing it a license to explore oil and gas for a period of 7 years within the prescribed coverage area of 537,616 hectares.
The work program consists of seven sub-phases extendible for another 3 years with a final extension of one year to determine the commercial viability of an oil discovery; and the development or production period will be over 25 years, renewable for a series of 5-year periods but shall in no case exceed a total of 15 years.
None other than the Department of Energy (DoE) has made announcements that its energy contracting round for oil and gas, coal and geothermal resources launched last August, cornered significant interests from both foreign and local investors.
For oil and gas, the energy department has opened four petroleum contract areas covering a total of 53,989.40 square kilometers in shallow to deep waters located near proven petroleum reserves in offshore Southwest Palawan, East Palawan and Sulu Sea basin.
It said that PECR applicants will be selected on the basis of its capacity to "demonstrate a good understanding of the possible resource potential of the block in question and undertake to carry out a work program that will efficiently map and test such potential."
Preferred investors, the DoE has noted, should have experience in exploration and field development in similar areas and have the necessary risk capital and financial capability to explore and develop the possible oil and gas resources.
The bid items will have to be evaluated based on the submitted work program, financial, legal and technical qualifications of the interested party.
The work program will likewise detail out resource potential and exploration approach, work commitment and development concepts.
In particular, this will also provide seismic and well data which would form the basis of the geological evaluation; and will also locate the prospect areas or the seismic coverage with wells through a base map.
Financial qualifications will delve on evidence of available funds and the company’s financial track record; while legal qualification considers completeness and validity of required legal documents; and technical qualification will touch on the company’s experience and track record on oil and gas exploration and commercial development.
The DoE has set up a Contracts Negotiation Panel to evaluate and judge the submitted bids based on the criteria laid down
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