3-D seismic survey for oil, gas in Camotes Sea starts

MANILA, Philippines—Australian firm Otto Energy Ltd. and Trans-Asia Oil and Energy Development Corp. began on Tuesday a 3D seismic survey over the Camotes Sea in order to identify “drillable prospects” within Service Contract 69.

The 150-square-kilometer seismic survey will help the consortium tap prospective structures within the service contract area, which has been estimated to contain over 700 million barrels of oil.

In a disclosure to the Philippine Stock Exchange, Trans-Asia added that the survey would be completed within 18 days. The local firm currently holds a 30-percent stake in SC 69.

Otto Energy earlier said that a contract for seismic acquisition was already executed with Exploiter Pte Ltd to deploy its 3D survey vessel BGP Explorer.

The ongoing data acquisition over the Camotes Sea followed the pre-survey planning for the acquisition of 3D seismic data and the “promising” interpretation of the 760 kilometers of 2D seismic acquired over this area in 2010.

Last year’s 2D seismic campaign confirmed the presence of two sizeable reef structures, namely Lampos and Lampos South. These two prospects sit immediately adjacent to the Calamangan Trough, which was said to generate both oil and gas.

“Current success case estimates of oil initially in place in the combined structures range between 22 million barrels and 713 million barrels with a mean in place volume of 290 million barrels,” Otto Energy reported.

“Both prospects indicate seismic character consistent with the development of carbonate reef complexes analogues to those which host the Malampaya oil and gas field,” the company had said.

The $4.5-billion Malampaya power project is currently the Philippines’ largest gas development and provides around 40 percent of the power requirements of Luzon, roughly equivalent to 2,700 megawatts.