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Philex sets its sights on Palawan oil, gas field

Prospectors drawn to energy-rich basin


Manuel V. Pangilinan: Looking at Area 5. INQUIRER FILE PHOTO

Philex Petroleum Corp., led by businessman Manuel V. Pangilinan, will bid for a contract to explore and develop a prospective oil and gas field in northwestern Palawan.

Pangilinan told reporters that Philex Petroleum was looking at Area 5, the contract for which would be auctioned off by the Department of Energy (DoE) in July. Areas 3 and 4, also located at northwestern Palawan, will likewise be offered to potential investors.

Area 5 spans 424,000 hectares of water, with depths ranging from 200 meters to 1,500 meters. Northwest Palawan, where Area 5 is located, is the most explored basin in the Philippines, with about 103 wells drilled.

This basin alone had already yielded roughly 58 million barrels of oil, 800 billion cubic feet of gas and 40 million barrels of condensate.

The basin is said to contain more resources. It has the potential to yield 400 million barrels of oil and 2,200 billion cubic feet of gas.

Areas 3, 4 and 5 were among the 15 oil and gas blocks that the DoE had offered to investors last year under the Philippine Energy Contracting Round 4.

Last month, the DoE held a bid for 12 areas, qualifying 9 of the 16 offers it received. The joint offer made by Philex Petroleum and The Philodrill Corp. for Area 15 were among the nine accepted bids.

Pangilinan also said that, of Philex Mining’s P7.7 billion capital expenditure program for 2012, about P1 billion would be allocated to Philex Petroleum.

Energy Undersecretary Jose M. Layug Jr., meanwhile, revealed that the DoE was evaluating the motions for reconsideration filed by the companies whose applications for the PECR petroleum blocks were disqualified last month. Seven applicants were not accepted due to lack of requirements.

“We’re still drafting our report for endorsement. [For those whose disqualification] were not grounded on substantive issues … we could consider them. But those applications with substantive deficiencies, such as lack of financial statements, we have to disqualify them,” Layug said.

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Tags: Area 5 , bidding , oil and gas – upstream activities , Palawan , Philex Petroleum Corp.

  • kwangkwang

    higupin na agad ang area na yan para wala na ma-abutan ang mga intsik

  • http://joboni96.myopenid.com/ joboni96

    kung di makuha
    sa paspasan ng
    intsik switik
    sa asean sea

    intsik tuta naman
    dito sa pilipinas
    ang kakana

  • http://profile.yahoo.com/O7R2MDZTSDEZYVWUN5Q4PUUOFE Frank Eru

    Sana matuloy itong project sa PALAWAN ang oil & gas. Malaking tulong ito para maka pag create ng maraming trabaho. Huwag na natin gawin issue kung sino ang mag invest dahil tayo’y walang mga PERA. Ang mahalaga maka survive tayo sa hirap na hindi illegal ang gawa-in. Ang punahin natin yong malinaw na masama at walang tulong sa mamayan.

  • http://pulse.yahoo.com/_EDXEVEFHW2ZT5VWHDWBNM6XGE4 RyanE

    “Area 5 spans 424,000 hectares of water, with depths ranging from 200 meters to 1,500 meters.”

    Hmm.. there’s shallow water nearby and with bigger potential for oil and gas underneath.. in the Panatag shoal..

    • http://profile.yahoo.com/RXZ5XENTQSFR6HPWMLEUG3TGGY Kerby

      sorry boss pero hindi pa masyadong nachicheck kung may considerable oil and gas sa panatag shoal. =/ 

  • justyouraveragechinoy

    What happened to the gas found in Recto bank?

    • http://twitter.com/Borogol Borogol

      recto bank is part of disputed claims…

  • http://profile.yahoo.com/U5XZ7DG3V4IM5BX3ZX5GTPDTU4 cane-juice

    Manny V. Pangilinan, again..! ? !
    How did this person acquire so much wealth?
    Is he ‘naturally super-duper rich’…? Were his parents super-super rich..?
    Is he a self-made man.? Does his Income Tax Report support this?

    At the rate that MVP is going…, acquiring ‘this & that’ corporations,
    he must be richer than Henry Sy…, of SM & BDO.

    Further, what happened to our anti-monopoly laws, if any, and anti-trust laws…? ? ?
    These questions must be answered by the Philippine Government…! ! !

    • http://profile.yahoo.com/KNCRPDU3VZZ3HAOL53SO3UZ3NU Juan

      He is just a dummy of the Salim group of companies in Indonesia. MVP is a genius in managing business. . 

      • http://pulse.yahoo.com/_XYSU75JJODXJSSWEJFVCXJ324U Jonathan


    • http://profile.yahoo.com/W5LACOD4CNIWJHTNFFGB43O4R4 arvin

      Malicious questions look like another crab mentality. Wikipedia is a good source of information and it’s one click away to learn about this guy. So what if he’s richer than Henry Sy? Would that mean a person did something wrong? Considering that Henry Sy is chinese and MVP a true Filipino. Sa kulay pa lang ng balat at ase ng ilong inoy na pinoy na. Gusto mo ba na laging mas mayaman ang intsik sa Pilipinas?

  • http://pulse.yahoo.com/_LO5YPBSKCFKYM676WPMISJWXWU joel

    It is time to modernize our armed forces…talking and bragging is not good if you cannot do something about it.. they will take it and we are going to bend over… shame

  • http://profile.yahoo.com/FWD5IDZT7SXOEHKLE3O7CGFOAE Bright

    Drill right away. 

  • G Deetan

    Never Surrender Palawan Territory-Philippine Islands  to the Red Chinese DO NOT BACK DOWN with RED COMMUNIST CHINESE – they are not to be trusted – 1995 they lied about the fisherman shelter in mischief reef of Palawan — NEVER AGAIN FOR FILIPINOS TO BE LIED BY A RED CHINESE

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