Shell Farms-In to Nido's Gindara Prospect

Nido has entered into an agreement with Shell Philippines Exploration to farm-out 27% of its 60% participating interest in Service Contract 54 Block B in the NW Palawan Basin, Philippines. Under the agreement, Shell will contribute 75% of the cost to drill the Gindara-1 exploratory well worth about US $24 million. Shell will also pay $2.5 million for seismic costs, and for its pro-rata share in the 2010 and 2011 work-program and budget. Exploratory drilling is expected to commence during the March to May 2011 window; and reportedly, the Frontier Phoenix drillship was identified for potential use on Gindara-1. Nido will remain as operator of the block, holding a 33% interest.

continue reading the full article

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Sales Manager - Safety Relief Valves
Expertise: Business Development|Sales
Location: Houston, TX
 
Staff Auditor 2
Expertise: Business Analyst|Risk Management
Location: TX
 
Specialist* Credit & Collections Job
Expertise: Accounting|Asset Management
Location: Eau Claire, WI
 
search for more jobs

Brent Crude Oil : $50.75/BBL 0.09%
Light Crude Oil : $47.73/BBL 0.50%
Natural Gas : $3.05/MMBtu 0.97%
Updated in last 24 hours