Under terms of the recently signed farm-in agreement, an ExxonMobil affiliate has acquired a 50 percent operating interest in Block SC 56. MEL retains a 50 percent equity interest in the block and will operate the 2D seismic acquisition phase of the exploration program.
"We are pleased to add this prospective acreage to our global portfolio and to have this opportunity to enter the oil and gas industry in the Philippines," said Steve Greenlee, vice president of Esso Exploration International Limited. "We look forward to working with Mitra as we explore for potential commercial resources in the block."
The oil exploration agreement covers approximately two million acres and is subject to approval by the Philippines Department of Energy.
"This agreement aligns with our global business strategy to pursue business opportunities around the world that meet our investment criteria," stated Greenlee.
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