PNOC Exploration Corp. (PNOC EC) is soliciting bid offers to pursue a joint exploration program in offshore Palawan, west of Balabac Island. Know more:
PNOC Exploration Corp. is soliciting bid offers to pursue a joint exploration program in offshore Palawan, west of Balabac Island.
In a bid invite, PNOC EC said it is in search of joint venture partners to pursue Service Contract 59. PNOC EC holds 100 percent interest in the service contract, which was awarded by the Department of Energy on September 15, 2005. “Pursuant to Executive Order No. 80 s. 2019 and its implementing rules and regulations under DOE Department Circular No. DC2020-02-0006, PNOC EC now calls for the submission of Letter of Intent from Interested Parties to participate in the selection of a Joint Venture Operator for the 75 percent Participating Interest in Service Contract 59,” the bid invite read.
Interested bidders have until December 27 to submit their letter of interest , and secure the Farm-out Documents and Confidentiality Agreement. Only those that signified interest and signed confidentiality agreements shall be allowed to conduct due diligence on SC 59.“PNOC EC reserves the right to accept or reject any proposals and to annul the farm-out process at any time prior to contract award, without thereby incurring any liability to the affected Third-Party Participants.
For SC 59 West Balabac, PNOC EC has completed studies on prospective shallow water prospect which includes feasibility and economic viability. The company earlier said it was planning to drill for a deepwater prospect in the area.
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