Australian firm Sacgasco, which operates Nido Petroleum in the Philippines, is eyeing more offshore oil projects here as it plans to deploy a drilling rig near the Malampaya gas field in Palawan early next year and begin extended surveys of the surrounding areas.
“We see massive opportunities to develop oil and gas in the Philippine territory. Our highest desire is to explore frontier areas with large potential near the Malampaya Gas Field that supplies natural gas to Manila and surrounding areas,” Sacgasco managing director Gary Jeffery said, based on a statement released by the Department of Trade and Industry.
The firm currently holds Service Contract (SC) 58, a 13,440-square kilometer area off Northwest Palawan. Jeffery said the oil prospects there would “dramatically change” the Philippines’ energy situation.
Sacgasco’s plans include an extended well test in the old Cadlao oilfield in northwest Palawan under SC 6B in order to revitalize it after operations were discontinued in 1991.
“This project will be followed with a plan to drill the … Nandino prospect, through SC 54A, [which is also in] offshore Palawan, and to conduct an extended well test,” the DTI said.
Drilling and testing in SC 54A and SC 6B will amount to $15 million each. Another $10 million to $50 million could be infused into the projects.
The DTI said Sacgasco representatives were part of the business delegation of the Pacific Business Mission to the Philippines concluded last August.