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American oil major Exxon Mobil Corp. is scheduled to start drilling activities in the Sandakan Basin in the Sulu Sea in the third or fourth quarter, a government official said.

Exxon has committed to spend $75-$99 million to drill a well at a depth of around 400 meters, Energy Undersecretary Ramon Allan Oca said.

The area is under Service Contract 56, in which Exxon has a 50-percent interest. The remaining 50-percent stake is held by Malaysia-based Mitra Energy Ltd.

SC 56 was originally awarded by the Department of Energy to a group composed of BHP Billiton Petroleum Pty Ltd., Amerada Hess, Unocal Sulu Ltd. and Sandakan Oil II.

Under the contract, signed in 2005, the group had committed to spend $43.85 million on oil and gas exploration and development over 8,620 hectares in the Sulu Sea.

Mitra took over the contract in January 2006, and Exxon entered on the same year. With editing by INQUIRER.net

• Oil prices rise above $45 in London
• Asia stocks slip
• Oil above $42 on bargain-hunting
• Oil prices rise in Asian trade
• Stocks and metals fall
• Dollar, yen rise on risk aversion
• Oil eyes $43 on MidEast conflict
• Dollar rebounds after sharp fall
• Economic crisis fears return

• China wants new global monetary system
• Solons caution gov’t on privatization