Abstract

The DOE is ready to assist in any possible way, those who may be interested to explore in the Philippines. The Public Contacting Round (PCR-1) has new information, excellent contractual terms and conditions and areas that are highly prospective. PCR-1 has 137,000 line km 2D seismic, 3,600 km² 3D seismic and 144 wells. New, high quality seismic data in NW Palawan, Sulu Sea and East Palawan basins area also available. PGS MC3D Surveys for NW Palawan include 897 km² in NW Palawan and 1,112 km² in Malampaya with 916 km² 3D over open acreage. The Malampaya High Resolution MC3D was the first to be acquired in Asia Pacific. NW Palawan 3D (~3,500 km²), Palawan 2D (~4,800 line km), Sulu Sea and East Palawan 2D Surveys (> 5,700 line km) were completed by WesternGeco. This 3D and 2D covers significant area of Sandakan basin which is analogous to the petroleum rich Baram and Tarakan deltas. PCR-1 offers high petroleum potential with proximity to proven petroleum provinces. NE Palawan and SW Palawan are already proven oil/gas provinces, E Palawan and Sulu Sea are surrounded and near similar oil/gas geology in Malaysia, Brunei and Indonesia, and Reed Bank is analogous to some Vietnam/S. China oil structures. A total of 46 contracts are being offered (~222,00 km²) in shallow to ultra deepwater areas. The Philippines is an attractive area with prospectivity, good economics and a market ready to accept new exploration.

Presented at: 2005 South East Asia Petroleum Exploration Society (SEAPEX) Conference, Singapore, 2003