JV Partners and Percent Equity : Nido Petroleum Limited (Operator) 50%, PNOC EC 50%
Project Description: SC 58 was awarded to PNOC EC on 12 January 2006. It is a deep water acreage covering an area of 13,440 km2 west of SC 57 and SC 38 in the offshore Northwest Palawan.
Nido Petroleum Ltd. of Australia farmed-in into SC 58 in 2006 and acquired 50% participating interest and operatorship of the block.
Brief Background : About 6,500 km of 2D were acquired in the block from 1978 to 1996. Following Nido Petroleum’s entry to the service contract, a large seismic campaign in 2006 and late 2007-early 2008 generated 3,184 km 2D and 4,953 km 2D/recon 3D seismic data, respectively. Additional 861 km 2D seismic data was acquired in 2012. This resulted in the identification of several prospects and leads. To mitigate exploration risks and and identify the most attractive prospect to drill, geological, geochemical, and special geophysical studies were also done such as the multi-beam bathymetry and seabed coring covering 1,500 km2 of the area in 2010 and the seismic inversion and Amplitude Versus Offset project in 2011.
In January 2015, DOE granted force majeure to SC 58’s work commitments under Subphase 3. The suspension period is effective from 15 December 2014 until the date when DOE notifies Nido Petroleum to commence exploration activities that should be in accordance to the final resolution on the arbitration proceedings between Philippines and China.
As of May 2018