Project Location : Northwest Palawan Basin
JV Partners and Percent Equity : PXP Energy Corp., former Philex Petroleum (Operator) 70%, PNOC Exploration Corporation 5%, Philodrill 25%.
Project Description :
SC 74 was awarded by the DOE to joint bidders Pitkin Petroleum Limited (Pitkin) and Philodrill Corporation on 13 August 2013 during the 4th Philippine Energy Contracting Round.
The Service Contract covers an area of 429,184 hectares in the offshore Northwest Palawan Basin with water depths ranging from less than 10 m. to about 200 m. and about 278 km. southwest of Manila and approximately 150 km. northwest of Puerto Princesa, Palawan.
PNOC EC acquired its 5% participating interest from Philodrill which was approved by the DOE on 5 November 2015. Philodrill, which originally held 30%, now has 25% interest in the block. On 5 April 2016, DOE approved Pitkin Petroleum’s transfer of its 70% interest and operatorship to PXP Energy Corp. (formerly Philex Petroleum).
Brief Background :
The SC 74 Consortium has conducted geological and geophysical studies including purchase of 3D seismic data and reprocessing of selected 2D seismic data as part of the initial commitment. In 2016, about 1,600 km of 2D seismic data covering the block was acquired and processed aside from gravity and magnetic data. All these new data will be undergoing interpretation during the year.
The SC 74 Consortium is also undertaking evaluation of the Linapacan-A and Linapacan-B oil discoveries for possible commercial development.
As of end Dec 2017