Kuwait Foreign Petroleum Exploration Co. (Kufpec), a subsidiary of Kuwait’s national oil company, has acquired a 26.8-percent working interest in the joint venture operating the Galoc oil field in offshore Palawan.
Australian firm Nido Petroleum Ltd. plans to drill an exploration well in a new prospect within the area covered by Service Contract 63 in offshore Palawan.
BHP Billiton and its partners in Service Contract 55 said they remained keen on pursuing the exploration and development of prospective oil and gas blocks off Palawan despite the difficulties they were facing.
Philex Petroleum Corp., led by businessman Manuel V. Pangilinan, posted a net loss of P1.09 billion last year, a reversal of the P537 million net income it registered in 2011.
A consortium composed of Philex Petroleum Corp., PNOC Exploration Corp. and PetroEnergy Resources Corp. has bagged the contract to explore and develop prospective oil and gas blocks off Northwest Palawan.
Basic Energy Corp. has forged an agreement with Malaysia-based Petrosolve Sdb BHd for the joint identification, exploration, development, management and operation of oil wells in the Philippines or overseas.
The Department of Energy is awarding eight local companies with service contracts to explore and develop 11 prospective coal blocks, which were auctioned off in 2011 under the Philippine Energy Contracting Round 4.
Australian firm Gas2Grid Ltd. has temporarily shelved plans to drill its third exploration well called Ilang-1 in Cebu, after it decided to abandon the two exploration wells it previously drilled late last year.
Frontier Oil Corp. plans to resume by early next year the exploration and drilling within Service Contract 52 in Cagayan, following a recent suspension of some exploration and pre-drilling activities in the field.
According to Trans-Asia Oil and Energy Development Corp., Frontier Oil has decided to temporarily suspend the Nassiping-2 acid stimulation program due to an “obstruction in the well bore that prevented conveyance of equipment to the zone of interest.”
THE CONSORTIUM operating the Malampaya deepwater-to-gas power project in offshore Palawan is set to begin next week the third phase of its $1-billion additional investment in the Philippine gas field.
Shell Exploration BV, Kuwait Foreign Petroleum Co. and South China Resources Inc. have relinquished their rights over Service Contract 60, citing the “dismal results” of their exploration activities in the oil and gas blocks in northeast Palawan.
Philex Petroleum Corp., led by businessman Manuel V. Pangilinan, posted a net loss of P132 million in the first nine months of 2012, a reversal of the P472-million net income it posted during the same period last year.
