Project Location : Offshore Southwest Palawan
JV Partners and Percent Equity : PNOC EC 100%.
Project Description: SC 59 was awarded to PNOC EC by the DOE on 13 January 2006. It covers an area of 14,760 sq. km. in offshore Southwest Palawan and is located north of recent deep-water gas discoveries in offshore Malaysia.
BHP Billiton farmed-in into SC 59 in 2009 acquiring 75% working interest and operatorship but later withdrew in 2013.
Brief Background : In 2006, PNOC EC acquired 2,000+ km. of 2D seismic data to promote the area. This was successful with BHP farming-in. As part of their commitment, BHP acquired 3,000 sq. km. of 3D seismic data and 5,000 km. of 2D seismic data. Their seismic program, one of the largest by a single company in the Philippines, resulted in several drillable targets.
In 2016, about 3,000 km. of 2D data was acquired and processed in the shallow-water portion of the block. It also includes the acquisition of gravity and magnetic data. These new data aims to identify shallow-water drilling targets to complement the deepwater prospects earlier identified in SC 59.
PNOC EC now holds 100% interest and is farming-out the block.
As of end Dec 2016