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BY Euan Paulo C. Añonuevo Reporter
UP to six exploration wells may
be drilled next year in the local upstream oil industry.
In an industry report, Merritt
Advisory Partners Inc. said that drilling prospects for 2008 may
increase from this year’s four.
The consultancy firm’s
projection is in line with a number of groups that expressed their
intention to pursue exploration activities at a combined cost of
about $110 million.
Among the groups seen to conduct
drilling activities include the joint venture led by Tap Oil and
Salamander in service contract (SC) 41 in the Sulu Sea, and Nido
Petroleum and Kairiki Petroleum in SC 54 in the Northwest Palawan
Basin.
Otto Energy also disclosed plans
to conduct an extended production test of the Calauit field in SC 50
by late 2008, subject to rig availability.
The company is also seeking
farm-in partners for its SC 51 (East Visayan basin) and SC 55 (West
Palawan) contract areas, with projected drilling to commence in late
2008 or 2009.
E. F. Durkee & Associates and
Monte Oro Resources & Energy are planning to drill the Monte
Oro-1 exploration well in onshore SC 52 in Northern Cagayan Valley
early next year.
Aside from the said groups,
industry observers likewise expect ExxonMobil to start with its
drilling campaign for SC 56 in Sulu Sea.
However, Merritt Partners said
that these proposed projects remain unclear “due to the lack of
firm drilling commitments, the tight global market for offshore
drilling rigs and the fact that some joint ventures are seeking to
farm-out their acreage in order to mitigate drilling costs.”
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