The DOE said the Petronas-PNOC-EC joint venture is also planning to drill another exploration well by 2008. In 2009, the group is expected to drill two more exploration wells in the area.
The drilling area, covered by Service Contract 47, will be owned 80 percent by Petronas and 20 percent by PNOC-EC. It is considered one of the most attractive exploration acreages situated in the same geologic region as Northwest Palawan.
Work commitment for the first sub-phase (the first two years of exploration) includes basin evaluation studies and drilling of one of the exploration wells.
The first significant oil discovery outside the proven petroleum province of offshore Northwest Palawan was made with the drilling by PNOC-EC of the Maniguin-2 well on the island of Maniguin in 1994.
This well flowed sub-commercial quantities of oil and proved the existence of a valid petroleum system in the area.
The highly encouraging results of the Maniguin drilling have prompted PNOC-EC to pursue additional evaluation studies, including the acquisition of 2D and 3D seismic data, to better understand the area’s petroleum potential.
Two other prospects, the Cherry and Tablas, have been mapped, evaluated and matured for drilling.
The Petronas/PNOC-EC offshore Mindoro drilling project is part of the overall petroleum drilling program mapped out by the DOE for the next three years.
Based on the DOE drilling program, it expects eight to 10 oil and gas wells to be explored by 2007.
Next year, the DOE is projecting at least 16 to 26 wells to be drilled in various exploration areas in Palawan and Sulu Sea basin.
By 2009, drillings of about 19 to 28 exploration wells are programmed to commence.