Project Location : Offshore Southwest Palawan
JV Partners and Percent Equity : PNOC EC (Subject to DOE Approval)) 50%, NIDO Petroleum (Operator, Subject to DOE Approval) 50%.
Project Description : SC 63 was jointly bidded and awarded to PNOC EC and Nido Petroleum on 24 November 2006 with each holding 50% interest. In 2014, Dragon Oil farmed-in acquiring 40% interest. With the farm-in, PNOC EC’s interest was reduced to 40% and Nido to 20%.
Brief Background : As part of the SC 63 commitment, 3,254 km. 2D and 754 sq. km. 3D seismic data were acquired over the area with focus around the Abo-abo well, which flowed gas when drilled in the early 80’s. Several interesting drillable targets were mapped co-relatable to the Abo-abo discovery. The presence of an active petroleum system attracted Dragon, which led to their farm-in.
The Baragatan-1A Well was drilled in May to July, 2014 and encountered several thin gas-charged zones, which were deemed non-commercial. In November 2015, Dragon decided to withdraw from the block.
On 10 March 2016, the DOE granted a three-year (3) technical moratorium from November 2015 to November 2018 to allow the partners to further study the block prior to committing to drill a well.
As of end Dec 2016