The first oil and gas well, Malampaya-10, was drilled earlier this year at the offshore Malampaya gas and condensate field in Northern Palawan.
The field operator, Royal Dutch Shell’s local gas and oil exploration subsidiary, Shell Phils. Exploration B.V., is currently conducting an extended well test.
PNOC-EDC is joined in this project by other Filipino exploration firms: Vulcan Industrial and Mining, Anglo Phils., Philodrill, San Jose Oil, Oriental Petroleum and Basic Consolidated.
A source from the consortium said that they have started the so-called "spudding" in the onshore Victoria-3 well in Northern Philippines, the second exploration well to be drilled in the country for 2001 after Malampaya.
Victoria-3, well covered by Geophysical Survey and Exploration Contract No. 75, will be drilled for 25 days in Tarlac province.
The source said spudding took place early this month. To date, at least two wells have already been drilled in the GSEC-75 area. The first well had gas shows.
According to the source, the consortium will spend $4.8 million (approximately P250 million) to drill Victoria-3.
The Department of Energy (DOE) has been encouraging the private sector to take initiatives in exploring the natural and oil reserves of the country.
So far, only the Malampaya-Deep-To-Water-Gas Power project, considered the single largest investment in the history of Philippine business with a total investment portfolio of $4.5 billion, has confirmed the presence of recoverable reserves of 2.7 trillion cubic feet of natural gas. – Donnabelle Gatdula