JV Partners and Percent Equity : China National Offshore Oil Company International Limited (CNOOC; Operator) 51%, PNOC EC 28%, Mitra Energy Limited (MITRA) 21%
Project Description: SC 57 was awarded to PNOC EC on 15 September 2005. It covers a total area of 7,200 km2 in offshore Northwest Palawan and is situated around fifty (50) kms northwest of the north-westernmost tip of Busuanga Island.
CNOOC farmed-in into SC 57 on 3 April 2006 acquiring 51% participating interest and operatorship while Mitra Energy farmed-in on 3 March 2006 getting 21%. The Deed of Assignment to formalize their entry has yet to be signed by the President of the Philippines.
Brief Background : SC 57 is within the prolific NW Palawan block and is host to the Bantac 1 well, a non-commercial oil discovery by Occidental Petroleum. With the farm-in of CNOOC and Mitra, additional 2,200 km of 2D seismic data was acquired on top of the 3,300 km acquired by the previous contractors.
As the Deed of Assignment for the partners of PNOC EC has yet to be formalized, SC 57 is still under force majeure. Exploration activities will resume once approval from the Office of the President is granted.
As of May 2018