Latest Stories

Nido Petroleum to invest in 4 exploration wells off Palawan


Australian firm Nido Petroleum Ltd. is expected to invest $75.5 million—roughly P3 billion at the prevailing exchange rate—for its share in the planned drilling of exploration wells within four oil and gas service contracts off northwest Palawan.

In a report, global investment bank Canaccord Genuity disclosed that Nido Petroleum’s “net share” in terms of prospective resources in these four wells alone would reach 995 million barrels of oil and approximately 1 trillion cubic feet of gas.

“Nido has a strong portfolio of development options going forward. In the success case, Nido will hit production of 1.5 million barrels per year in 2014 (equivalent to 4,040 barrels per day),” noted the Canaccord Genuity report.

Nido and its partners are expected to drill within the Apribada prospect, which is covered by Service Contract 63; Lawaan prospect, within SC 54A; Pawikan prospect, SC 54B; and the Balyena prospect within the SC 58 block.

The planned investment for these four wells is on top of Nido’s expected investment in the Galoc oil field off Palawan, where partners are embarking on the Galoc Phase II development plan. Under this plan, partners are looking to drill two wells to extend the life of the field and increase daily production up to 12,000 barrels of oil per day.

A third well may likewise be drilled by Nido and its partners in Galoc, within the so-called Galoc northern exploration prospect. A decision is expected by end-March.

“The Galoc northern exploration prospect is an exciting opportunity that has the potential to double Galoc field reserves. It provides significant upside to Nido beyond the Galoc Phase II development. With the operator, Otto Energy Ltd., currently completing subsurface work with volumetrics and risking, we anticipate a drilling decision by end of the first quarter 2013,” the report further stated.

Nido Petroleum and its partners are also looking to redevelop the West Linapacan site, covered by SC 14C2.

“The company has strong production from its existing Philippine operations, Galoc Phase I and we see significant short-term production growth from the Galoc Phase II expansion and West Linapacan. Nido also has a large inventory of exploration assets and we see the company’s high working interests and independently certified estimates as attractive to potential farm-in parties,” the report stated.

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , Nido Petroleum , oil exploration wells

  • GKLer

    Please announce this so that CHINA can hear…. 

    YES. I am being sarcastic.

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94


  • Camilla’s brother dies of NYC head injury
  • Nepal officials go to Everest to try to end crisis
  • Escudero ready to defend self should name appear in Napoles’ list
  • Obama calls for peaceful end to island dispute
  • Russia not abiding by agreement on Ukraine—Obama
  • Sports

  • Promoters Dela Hoya, Arum in talks for Pacquiao-Alvarez—report
  • Benzema guides Madrid to 1-0 win over Bayern
  • Suns’ Goran Dragic win NBA’s Most Improved Player award
  • Heat go up 2-0, hold off Bobcats 101-97
  • Ronaldo shakes off injury fears to play Bayern
  • Lifestyle

  • Photos explore dynamics of youths’ sexual identity
  • 12th Philippine Food Expo set at the World Trade Center
  • No tourist draw, Malang the croc will remain wild
  • The best flavors of summer in one bite, and more
  • Homemade yogurt, bread blended with pizza, even ramen
  • Entertainment

  • Has Ai Ai fallen deeply with ‘sireno?’
  • Sony developing live-action Barbie comedy
  • California court won’t review Jackson doctor case
  • Return of ‘Ibong Adarna’
  • Practical Phytos plans his future
  • Business

  • Facebook profits triple as mobile soars
  • Insular Honors Sales Performers at Testimonial Rites
  • Apple increases stock buyback, will split stock
  • Cost-recovery provisions for affected gencos urged
  • This time, BIR goes after florists
  • Technology

  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Opinion

  • Editorial cartoon, April 24, 2014
  • Talking to Janet
  • Respite
  • Bucket list
  • JPII in 1981: walking a tightrope
  • Global Nation

  • PH-HK relations repaired, but families of victims still being courted
  • Filipinos in Middle East urged to get clearance before returning
  • PH seeks ‘clearer assurance’ from US
  • China and rivals sign naval pact to ease maritime tensions
  • What Went Before: Manila bus hostage crisis
  • Marketplace