MANILA, Philippines — The Department of Energy (DOE) said one of its petroleum service contractors will conduct a 3D seismic survey of the East Palawan Basin in March to explore potential oil and gas reserves in the area.
In a statement on Monday, the DOE said Israeli company Ratio Petroleum Ltd contracted marine geoscience firm Shearwater Geoservices to release its vessel that will collect information in an area 150 kilometers east of Puerto Princesa Palawan.
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“The DOE has approved the seismic survey as part of Ratio’s work commitments for SC 76 and has the full support of the local government of Palawan and all concerned government agencies […],” the DOE said in the statement.
Aside from oil and gas exploration, the survey will also gather geophysical data and collect images of the subsurface geology.
“Ratio’s work commitment to conduct the seismic survey aligns with the current administration’s support to bolster the nation’s energy security, unlock the basin’s untapped resources, and stimulate the exploration and development of oil and gas in the country,” DOE added.
The seismic survey is expected to take about 35 days, and will cover 1,500 square kilometers.
“The survey also represents a significant milestone in the DOE’s petroleum exploration campaign and highlights its dedication to pursuing high-impact opportunities in promising new areas in addition to the existing Malampaya Field in the Northwest Palawan Basin,” DOE said.
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“The DOE is confident that the insights gained from the 3D seismic survey will further de-risk prospects and unlock the hydrocarbon potential of East Palawan Basin,” it said.