Abstract

The Petroleum Exploration and Development Bill of 2011 is an act to promote the exploration, development and production of indigenous petroleum of the Philippines. Proposed amendments include deepwater incentives, provision on cross recovery, additional tax incentives, service fee, and investments promotion period. Shell Philippines Exploration B.V. has been very successful in SC No. 38 with 970 BCFG, 43.9 MMBC and 1.9 MMBO from 2001 to 2010. Exxon Mobil has been successful in their exploration efforts in SC No. 56 with 3 out of 4 drilled wells declared gas discoveries. The most prospective basins include NW Palawan Basins, SW Palawan Basin, Cagayan Basin, Visayan Basin, Central Luzon Basin and Mindoro-Cuyo Platform. Prospective basins include Sulu Sea Basin, East Palawan Basin, Reed Bank Basin, SE Luzon Basin, Agusan-Davo Basin, Cotabato Basin. Frontier Basins include West Luzon Basin, West Masbate-Iloilo Basin, Ilocos Basin and Bicol Shelf Basin. There are 15 blocks with a total area of 10,033,900 hectares and 40,000 line-kilometer of seismic data available for exploration.

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