BHP to drill new well
Petroleum exploration firm BHP Billiton plans to drill an offshore deepwater exploration well within Service Contract 55, which reportedly contains an estimated 1.8 trillion cubic feet of gas and 567 million barrels of oil.
In a regulatory filing, Australian firm Otto Energy Ltd. said the consortium operating SC 55, led by BHP Billiton, was planning to drill within the so-called Cinco prospect by the second quarter of 2012.
“This area of South West Palawan has seen little historical offshore exploration drilling, and no deepwater offshore drilling has occurred to date. This is an exciting new frontier that has significant scale and potential sitting between proven oil and gas fields to both the north and south,” Otto Energy said.
“Planning has commenced for the drilling of an offshore deepwater well at the Cinco prospect. Otto is working with farm-in partner BHP Billiton, which is carrying Otto’s share of expenditure on the drilling of Cinco well, to determine the 2012 work program,” Otto Energy said.
