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PNOC confident to strike oil off Palawan

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CONTRIBUTED IMAGE/ http://www.pnoc-ec.com.ph

A consortium led by the state-run Philippine National Oil Company-Exploration Corp. (PNOC-EC) has embarked on a $22-million energy exploration project off the western coast of Palawan, which is “estimated to contain oil-in-place volumes of [up] to 676 million barrels, and an upside potential of 977 million barrels.”

Posted: June 8th, 2014 in Latest Business Stories | Read More »

Otto Energy strikes oil off Palawan

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The country’s only producing oil project, the Galoc field off northwest Palawan, seems set for phase II production later this year as operator Otto Energy reportedly struck oil while drilling one of two new wells at the site.

Posted: July 18th, 2013 in Editor's Pick,Headlines | Read More »

PNOC unit, Aussie firm allot P1B for oil drilling

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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.

Posted: May 7th, 2013 in Editor's Pick,Headlines | Read More »

Oil drilling group gets 2-year extension

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Forum Energy Plc has secured a two-year extension for its work program under Service Contract 72, Philex Petrolem Corp., a major shareholder, said on Monday, Jan. 28, 2013.

Forum Energy Plc, which is exploring for oil and gas within the highly contested Recto Bank off the West Philippine Sea, has secured a two-year extension for its work program under Service Contract 72.

Posted: January 28th, 2013 in Editor's Pick,Headlines | Read More »

Trans-Asia, PetroEnergy pursue Leyte oil project

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THE CONSORTIUM operating Service Contract 51 in San Isidro, Leyte plans to invest roughly $6.7 million (or approximately P274 million) in its drilling program under the fifth exploration subphase.

Posted: December 21st, 2012 in Headlines | Read More »

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