State-run PNOC Exploration Corp., the oil and gas arm of Philippine National Oil Co., wants to take a 20-percent stake
“We are already in advanced discussions to participate in SC 6B Cadlao field with drilling scheduled this year and production next year,” PNOC EC planning and budget department manager Alexis Dela Torre said in a recent Senate hearing.
SC 6B is located southeast of the Malampaya gas field and southwest of the Galoc oil and gas field. The Cadlao oilfield redevelopment targets 6.2 million barrels of economically recoverable oil. PNOC EC submitted a letter of intent to Sacagsco Limited to farm-in to SC 6B, including the drilling of the Cadlao 4 well as the first stage of redevelopment.
Sacgasco holds its SC 6B interest in wholly-owned subsidiary Nido Petroleum Phils. Pty. Ltd. Nido has 9.09-percent stake in SC 6B and is increasing this to 72.727 percent. Its shareholdings will be reduced to 52.727 percent once the farm-in of PNOC EC is approved. Other SC 6B joint venture partners are The Philodrill Corp. with 17.455 percent, Oriental Petroleum and Mineral Corp. with 4.909 percent, Forum Energy Philippines Corp. with 2.455 percent and Alcorn Petroleum and Minerals Corp. with 2.455 percent.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Families survived on dirty water, so Indian state, NGOs joined hands to stop itBefore help came, families were rationed dirty water – fungus-filled green water with black molecules floating – and were absurdly grateful for it
Read more »
The initial online search that spurred a raid on a Kansas paper was legal, a state agency says | John HannaMARION, Kan.—The initial online search of a state website that led a central Kansas police chief to raid a local weekly newspaper was legal, a spokesperson for the agency that maintains the site said Monday, as newly released video showed the publisher’s 98-year-old mother protesting a search of their home.…
Read more »
16 people die after bus crashes with trailer in central MexicoSome 36 passengers were injured and taken to hospital after the bus crashed with a trailer in the early hours of the morning, officials from the state of Puebla say
Read more »
LandBank, Treasury, DICT developing e-government payment platformMANILA--State-run Land Bank of the Philippines teamed up with the Bureau of the Treasury and the Department of Information and
Read more »
PSALM expects to reduce debt to P306 billionState-run Power Sector Assets and Liabilities Management Corp. expects to reduce its financial obligations to P306.6 billion by the end
Read more »