Australia's Searcher Seismic Pty Ltd., in conjunction with project partner Norway's SeaBird Exploration Plc, and in cooperation with the Philippines Department of Energy, reported Thursday that acquisition of the Pinatubo non-exclusive 2D seismic survey in the West Luzon Basin, Philippines is now complete.
The 2,181 mile (3,510 kilometer) survey provides coverage over the PECR5 bid round blocks 8,9,10 & 11 and offers modern seismic data over the West Luzon Basin. This is the first time a regular seismic grid has been recorded over this new frontier exploration province.
Odd Arne Larsen, director of Searcher Seismic, said the survey covered the entire basin from the near-shore areas and out to almost 13,123 feet (4,000 meters) in water depth.
The Pinatubo long offset broadband seismic survey covers an area of approximately 11,583 square miles (30,000 square kilometers) and will provide oil companies with an opportunity to evaluate the petroleum potential of this completely undrilled basin. Until now only limited seismic lines exist, most of which were recorded over 30 years ago and did not image the prospective section of the basin.
“The current forearc setting of the West Luzon Basin had previously raised a number of concerns regarding the hydrocarbon exploration potential of the area - resulting in almost no exploration activity. However, a review of the regional tectonics suggests that the area is related to the Mindoro Basin, where a proven petroleum system is present, and therefore a significant hydrocarbon potential may be in place.
“This new exploration model, combined with the new Pinatubo seismic data may provide a completely new understanding of the petroleum prospectivity in the Luzon Basin,” Larsen added.
The fast track data will be available in December 2014 to ensure ample time for evaluation of the blocks in the current PECR5 bidding round.
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