Project Location : Offshore Northwest Palawan
Nature of Project : Petroleum Exploration
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 sq. km. 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 6,000 km of 2D and about 660 square km of 3D seismic data were acquired in the block resulting in the identification of several prospects and leads. To de-risk the prospects and identify the most attractive one to drill, geological, geochemical, and special geophysical studies were also done.
However, being within the disputed area with China, problems in continuing the exploration activities surfaced. By In December 2014, DOE granted a suspension of the activities while the arbitration was ongoing.
As of end Dec 2016