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Phinma unit gets stake in gas-rich SC50

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Newly listed Trans-Asia Petroleum Corp. (Tapet) of the Phinma Group has formalized its acquisition of a minority stake in gas-rich Service Contract 50 (SC50) in offshore Palawan from Frontier Oil Corp.

Posted: October 17th, 2014 in Headlines | Read More »

SC 51 work scrubbed due to safety issues

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Otto_Energy

Otto Energy Ltd. of Australia is abandoning Service Contract 51 in Leyte, citing safety concerns.

Posted: May 3rd, 2014 in Latest Business Stories | Read More »

$756M Malampaya rig going up in Subic

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NEW MALAMPAYA PLATFORM  Nathan Stephenson (left) of the Malampaya Phase 3 project briefs European Union delegates visiting the Keppel Shipyard in Subic, Zambales province, which is fabricating the second platform for the Malampaya gas field off Palawan province. The platform will be installed in 2015 to help sustain production in Malampaya, which supplies natural gas to three power plants producing about half of Luzon’s power needs.  RAFFY LERMA

A platform of the Malampaya Deep Water Gas-to-Power Project off Palawan province is to be installed next year to maintain fuel supply to power plants providing about half of Luzon’s electricity needs. The platform, worth $756 million (P33.68 billion), is part of Phase 3 of the Malampaya project.

Posted: February 21st, 2014 in Featured Gallery,Headlines,Latest Business Stories | Read More »

Oil found off Cebu; more tests needed

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cebu-city

An Australian firm’s recent discovery of oil in Cebu gives the Philippines additional energy prospects, the Department of Energy (DOE) said, cautioning, however, that it remained to be seen if the oil find is substantial.

Posted: January 10th, 2014 in Latest Business Stories | Read More »

Malaysian firm may lose Sulu petrol contract

Malaysian conglomerate Ranhill Berhad may lose its petroleum exploration contract in the Sulu Sea with the Department of Energy (DOE) for failing to follow strict work timelines.

Posted: December 31st, 2013 in Headlines | Read More »

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