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
 -  Shell to Sell Gabon Onshore Assets for... (Mar 24)
 -  Industry Pros Gather for Offshore Achi... (Mar 24)
 -  Statoil Makes North Sea Oil, Gas Disco... (Mar 24)
 -  Report: Hiring Managers See Salaries S... (Mar 23)
 -  Repsol Chooses Atlas for Onshore, Offs... (Mar 23)


Most Popular Articles

From the Career Center
Jobs that may interest you
Packer
Expertise: Storeman|Warehouse Person
Location: Lovell
 
Class A CDL Drivers INTERVIEW OPPORTUNITY
Expertise: Motorman
Location: San Antonio, TX
 
United States Williston: Service Supervisor I - Surface Solutions
Expertise: WellSite Supervisor
Location: Williston, SD
 
search for more jobs

Brent Crude Oil : $50.56/BBL 0.15%
Light Crude Oil : $47.7/BBL 0.70%
Natural Gas : $3.05/MMBtu 1.32%
Updated in last 24 hours