Latest Stories

Nido plans to drill in new prospect under SC 63


Australian firm Nido Petroleum Ltd. plans to drill an exploration well in a new prospect within the area covered by Service Contract 63 in offshore Palawan.

In a regulatory filing, Nido Petroleum said the SC 63 joint venture was considering the Baragatan Prospect as its lead drilling activity under the said service contract.

“The Baragatan Prospect is a large well-defined fault prospect estimated to contain gross unrisked oil-in-place volume of between 679 million and 977 million barrels. The objective reservoir would be the Pagasa sandstones which are analogous to the producing reservoir at the Galoc oil field,” Nido Petroleum said.

The exploration firm said it was expecting the SC 63 joint venture to approve the drilling of the prospect within this quarter, after which it would “actively commence the necessary preparations for the drilling campaign.”

Nido Petroleum holds a 50-percent interest in the SC 63 license while the remaining 50 percent is held by PNOC Exploration Corp., the oil and gas exploration arm of state-run Philippine National Oil Co. (PNOC).

The service contract license covers a number of prospects, including the Apribada prospect, which reportedly has a prospective resource potential of 1 billion barrels of oil; the Aboabo site, which was estimated to contain a resource potential of 370 million barrels; and the Pinta Flores prospect, with 150 million barrels.

The Philippine government is aggressively pushing for the exploration and development of the country’s indigenous resources, with the belief that this can help the country meet its daily demand of petroleum products and reduce importation of oil.

More importantly, developing the country’s own resources is deemed to be a long-term plan of action that will reduce the country’s dependence on imported petroleum products and mitigate the effects of oil price volatility.

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: Australia , Nido Petroleum , oil and gas-upstream activities , oil exploration , Philippines

  • joboni96

    then sell to pilipinos

    bakit ang mga austalyano nakikinabang sa langis natin?
    deport na mga iyan

    • CyberPinoy

      bro i think we dont have the needed technology to drill the oil and the govt dont have the fund to spend money and find the oil. This scheme is whats best for us, kaysa naman iwan mo lang na untapped yung oil reserve, baka manakaw pa ng mga intsik sabihin teritoryo nanaman nila.

      • joboni96

        another defeatist ignorant kolonisadong utak

        stop all mining until

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


  • 16 suffer burns in Batangas sugar factory accident
  • Angat level drops; cloud seeding set
  • Indigenous aspiration in Bangsamoro
  • Banahaw continues to lure pilgrims, trekkers
  • Passion of Christ moves survivors
  • Sports

  • Tottenham beats Fulham 3-1 in Premier League
  • Martino defends Messi, takes blame for Barca fail
  • Vettel hoping for resurgence at Chinese GP
  • MLB pitcher donates $100,000 for Sewol ferry victims
  • Hamilton takes pole at Chinese Grand Prix
  • Lifestyle

  • Levine designs womenswear with help from fiancee
  • Gabriel Garcia Marquez, Nobel laureate, dies at 87
  • Ford Mustang turns 50 atop Empire State Building
  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • Entertainment

  • Why ‘Noah’ can’t dock his ark at Philippine theaters
  • Acclaimed artist goes wild while on holiday
  • Believing in this mermaid
  • Missing Xian
  • Minnie Driver plays devastated mother to a stillborn child
  • Business

  • A workplace of new possibilities
  • Learning by doing: pilgrimage of faith
  • Fiat-Chrysler to produce iconic Jeep in China from 2015
  • US commerce secretary spells out economic facet of ‘pivot to Asia’
  • Italy sells luxury state cars on eBay
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • Cesar Chavez movie sparks memories of Fil-Am labor leaders
  • Filipinos in US poised for success
  • Visas for priests and other faith leaders
  • DOH to continue tracking co-passengers of OFW infected with MERS virus
  • 5 Filipinos with MERS in UAE reported in stable condition
  • Marketplace