PetroEnergy eyes drilling ventures in RP, Gabon

Newly-listed PetroEnergy Resources Corp. is seeking new potential oil producing areas both in Gabon, West Africa and in the Philippines by participating in drilling ventures.

In a prospectus filed with securities regulators, PetroEnergy said it would focus on increasing production in the Etame field in Gabon with the search for new areas. Its two discoveries – Ebouri and Avouma – are estimated to produce 21 million and 17 million barrels of oil, respectively.

The company, through its various joint exploration contracts, also plans to drill new wells in offshore Palawan, Sulu Sea, Mindoro and in the Visayan basin.

PetroEnergy chief administrative officer Arturo B. Maulion said the firm’s other exploration projects are Service Contract 41(Sulu Sea) with a 1.011 percent participating interest; SC-6A (Octon-Malajon), 15.75 percent; SC-14C (West Linapacan-Galoc), 4.137 percent; Geophysical Survey and Exploration Contract (GESC) 93 (NorthEast Leyte-West Visayas), 20.6 percent; and GSEC 100 (Offshore Mindoro), two percent.

Petroenergy said the evaluation by new potential investors on the feasibility of drilling and developing the Galoc field in Northwest Palawan has been completed and the negotiations on the terms and conditions of their participation are ongoing.

As for the Octon area in offshore Palawan, Petroenergy said a new investor is currently making plans to drill at least one exploratory well.

PetroEnergy derives a big percentage of its revenues from its oil operations in Gabon, which started in September 2002. For the first half this year, PetroEnergy’s share in petroleum production has amounted to P86 million, plus unsold oil inventory valued at P30 million.