Energy dep?t OK?s expansion of oil-gas exploration block
THE DEPARTMENT of Energy has given clearance for the expansion of an oil and gas exploration block off Palawan, a project stakeholder said.
In a disclosure to the Philippine Stock Exchange yesterday, Trans-Asia Oil and Energy Development Corp. said the department had granted the request by the Service Contract (SC) 55 consortium to "annex some 88,000 hectares of acreage adjoining the original contract area in offshore West Palawan, thus increasing the size of the contract area to 988,000 hectares."
The area is estimated to contain 1.8 trillion cubic feet of gas and 567 million barrels of oil.
Australian firm Otto Energy Ltd. is the lead operator of SC 55, with a 85% stake. The balance is held by Trans-Asia of the Phinma investment group.
SC 55 covers 9,000 square kilometers in the southwest Palawan basin, located along a regional oil and gas field that extends from offshore Borneo to northwest Palawan. -- JBFS
http://www.bworldonline.com/main/content.php?id=7980
Energy dep?t OK?s expansion of oil-gas exploration blockTHE...
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