Nido Farms Into Key Block in NW Palawan Basin
Nido will earn 50% through undertaking the agreed work program and will pay 100% of the associated costs comprising pre-drill expenditure of approximately US$8.5 million, principally for seismic acquisition and interpretation up to January 2008.
SC 58 lies at the heart of the Palawan Basin and is considered to be a license with world-class prospectivity. A number of leads have already been identified by PNOC and will add considerably to Nido’s drilling portfolio.
SC 58 is contiguous to Nido’s SC 54 and outboard of SC 14 and SC 6. The service contract is adjacent to the large Malampaya Gas Field and offers not just conventional Nido limestone drilling targets, but also provides access to a major part of the basin’s deepwater Miocene Pagasa Turbidite play fairway.
SC 58 is also one of the largest licenses in the Palawan Basin (1,344,000 hectares), and this farm-in provides Nido with a high-equity position over the majority of the offshore Palawan Basin. This will allow the company and its JV partners to explore the untested deep water potential of the basin. This will increase Nido’s gross acreage in the Palawan Basin by 203% from 661,997 hectares to 2,005,997 hectares.
Nido has been invited to operate during the forthcoming seismic and drilling operations. The exploration work program commences immediately with a 3,500-kilometer, 2D group shoot over both SC 58 and SC 54. PNOC has been taking the lead in this group shoot, and Nido has secured the MV Veritas Voyager to commence acquisition later this month.
The 2D program will be followed by a 3D seismic survey later this year in SC 54, and a subsequent 3D seismic program is planned in SC 58. Nido will operate both seismic acquisition programs.
“We are very fortunate to have secured this enviable acreage position in the Palawan Basin,” said Paul Quaife, Nido’s head of exploration. “Exploration to date indicates the potential of the Miocene Turbidite Fairway to deliver some sizeable prospects, and our new seismic will be our first opportunity to map the fairway in to the deep water where these traps are typically developed. We look forward to working very closely with PNOC in SC 58 and warmly acknowledge our Nido Manila Team for developing relationships critical to this success.”
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea