Otto Energy Plans to Drill an Exploration Well in SC55 off the Philippines

Otto Energy Limited planned to drill an exploration well in Service Contract (SC) 55 offshore the Philippines by October as required under current sub-phase 1 work commitment, the company said in an investment presentation Tuesday.

The firm is now re-acquiring 60 percent interest in SC55 following BHP Billiton's decision to exit Philippines, with its stake rising to 93.18 percent. Meantime, two high impact and drill ready prospects have been identified using 3D seismic. They are Hawkeye, with Otto's net prospective resources at around 15-318 million barrels of oil equivalent, and Cinco, with a net prospective resource of 0.5-3.4 trillion cubic feet.

Otto Energy is seeking Phillipines Department of Energy's approvals for reassignment of SC55 operatorship and extension of timing for the block's work program. The company is also looking for a farm-in partner for SC55.

In another development, the company, which recently provided an update on Galoc oil field reserves in SC14-C around 40 miles north west of Palawan Island, off the Philippines, indicated that the project's life could extend beyond 2020.

 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Petrofac Suspends Group Chief Operatin... (May 25)
 -  EnQuest On Track For Kraken First Oil ... (May 25)
 -  Energean Signs Lease Agreement for Exp... (May 25)
 -  Seadrill CEO Praises Workforce (May 24)
 -  Serinus Shuts-In Sabria Field Due to S... (May 23)


Most Popular Articles

From the Career Center
Jobs that may interest you
Equipment Operator - San Antonio
Expertise: Coil Tubing|Driller|Production Operator
Location: San Antonio, TX
 
Frac Supervisor - TX, ND, WY & OK
Expertise: WellSite Supervisor
Location: El Reno, 
 
United States Bossier City: Service Supervisor I - Frac/Acid
Expertise: Field Service Tech|WellSite Supervisor
Location: Bossier City, LA
 
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours