PNOC unit, Aussie firm allot P1B for oil drilling

Palawan prospect seen holding as much as 977M barrels


Australian firm Nido Petroleum Ltd. and PNOC Exploration Corp. are investing $25 million or (roughly P1 billion) to tap as much as 977 million barrels of gross, “unrisked” oil-in-place within the Baragatan prospect off northwest Palawan.

In a regulatory filing, Nido Petroleum said the prospect, covered by Service Contract 63, holds “risked recoverable” oil volumes of about 115 million barrels, with an upside potential of 166 million barrels.

“The joint venture is progressing activities to secure a jack-up rig for the drilling of the exploration well and will drill the well as soon as practicable. The SC 63 joint venture, through PNOC-EC, has already secured the Strategic Environmental Plan Clearance (SEP) from the Palawan Council for Sustainable Development (PCSD) for its exploration activities within the block,” said Nido Petroleum managing director Philip Byrne.

According to Nido Petroleum, the SC 63 joint venture was planning to spud the Baragatan well as soon as possible, subject to securing appropriate government approvals and rig availability. The partners have already secured long lead items needed for the drilling activities.

For this particular venture, Nido Petroleum will be the technical operator during the drilling phases. Nido and PNOC-EC each hold a 50-percent stake in SC 63.

Apart from the Baragatan area, SC 63 covers several other prospects, including the Apribada block, which reportedly has a prospective resource potential of a 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.

Get Inquirer updates while on the go, add us on these apps:

Inquirer Viber

Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.

  • mr dt


  • Nestor Marcera

    Great. Make this country very rich…

  • Patas

    Good luck, guys!
    Hope you hit the mother lode!

  • tonygadoy


  • daniboy2012

    drill baby drill!!!!

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


editors' picks



latest videos