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Service Contract No. 57 - Calamian

Freedom Of Information
ISO
Transparency Seal
Corporate Governance
Project Location
Offshore Northwest Palawan
JV Partners and Percent Equity
China National Offshore Oil Company International Limited (CNOOC) – Operator
51%
PNOC EC
28%
Mitra Energy Limited (MITRA)
21%
Service Contract No. 57 - Calamian
Project description

SC 57 was awarded to PNOC EC on 15 September 2005. It covers a total area of 7,200 km2 in offshore Northwest Palawan and is situated around fifty (50) kms northwest of  the north-westernmost tip of Busuanga Island.

CNOOC farmed-in into SC 57 on 3 April 2006 acquiring 51% participating interest and operatorship while Mitra Energy farmed-in on 3 March 2006 getting 21%.  The Deed of Assignment to formalize their entry has yet to be signed by the President of the Philippines.
Brief Background

SC 57 is within the prolific NW Palawan block and is host to the Bantac 1 well, a non-commercial oil discovery by Occidental Petroleum.  With the farm-in of CNOOC and Mitra, additional 2,200 km of 2D seismic data was acquired on top of the 3,300 km acquired by the previous contractors.


As the Deed of Assignment for the partners of PNOC EC has yet to be formalized, SC 57 is still under force majeure. Exploration activities will resume once approval from the Office of the President is granted.
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