Int’l firms offer to study Philippine seismic data
International seismic companies have offered to conduct seismic surveys and reprocess existing data covering some of the Philippines’ prospective oil and gas blocks, to provide interested exploration companies with more comprehensive information.
Energy Undersecretary Jose M. Layug Jr. said in a recent briefing that these proposals, which were submitted to the Department of Energy (DoE), will help improve available data on these areas.
According to Layug, such information will ensure that the Philippine government will be able to derive the best resource exploration and development deals.
“The Philippines does not have the capability to conduct its own seismic survey because it’s very expensive to shoot data. The cost of one seismic alone is maybe $2 million and you’re not even sure if that will contain resources,” Layug said.
With these offers, the government need not spend a single centavo for the conduct of the surveys.
“The cash-out is [done] by the seismic companies, but they can recover their investments when they sell the data to exploration firms. The selling of the data is always subject to the supervision of the DOE, which has a share [in the proceeds]. So the DOE earns from those seismic acquisitions as well,” Layug explained.
Earlier this year, the DoE was able to get four international seismic companies to “reprocess” the existing seismic data that will, in turn, allow interested exploration firms to come up with better offers.
In June last year, the DoE launched the Philippine Energy Contracting Round 4 for petroleum, during which it offered 15 prospective oil and gas blocks located in Cagayan, Central Luzon, Northwest Palawan, Mindoro-Cuyo, East Palawan, Cotabato and Sulu Sea.
PECR 4 is envisioned to address the Philippines’ energy supply through the exploration of local indigenous resources. Harnessing local resources is expected to help the country meet its daily demand and reduce the importation of petroleum products.
